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How big a hit will homeowners and commercial property owners take if Mayor Rahm Emanuel’s pension reform proposal goes through? Read an article and view a chart.

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Legislative leaders officially released their pension plan today. It includes reduced cost of living raises, including years where retirees won’t get any raise, and aims for full funding of the systems by 2044. Read the full proposal.

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A new report blasts the Chicago Public Schools for budget mismanagement. We have the latest.

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The Chicago Transit Authority will not increase fares or cut services in 2012 under a budget proposal outlined Wednesday by CTA President Forrest Claypool. But the plan relies heavily on union cooperation.  Ash-har Quraishi has the story.

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Mayor Rahm Emanuel © 2011 City of Chicago, photo by Brooke Collins

Mayor Rahm Emanuel unveils some surprising proposals to close Chicago's massive budget gap. So who'll feel the most pain? Carol Marin is joined by City Council members, and then we take a look at the specifics of the plan and whether it's the best way out of the city's $636 million shortfall.