http://chicago.suntimes.com/chicago-politics/7/71/615196/emanuel-city-must-prevent
Mayor Rahm Emanuel made it a one-liner during a second inaugural address devoted almost exclusively to “preventing another lost generation” of young people. But the “gorilla in the room” was as plain as day to the aldermen who joined the mayor onstage at the swearing-in ceremony Monday at the Chicago Theater. In fact, the $30 billion pension crisis, which has dropped Chicago’s bond rating to junk status, has placed the city in such a precarious position that the mayor’s City Council floor leader has warned 13 rookie aldermen not to expect the political version of spring training.
“Normally the first couple months in City Council are very slow and very relaxed. He said, `Don’t expect that this time. It’s gonna be very difficult the next couple of months. We’re gonna have to pass legislation very quickly to deal with this financial situation,’ ” said 26-year-old Ald. Carlos Ramirez-Rosa (35th), the City Council’s youngest member. “I’m not surprised that the mayor didn’t address it because we know the gorilla in the room and we’re gonna tackle that gorilla.”
Ald. Pat O’Connor (40th), the mayor’s floor leader, said the rapid-fire votes that will be required to pull Chicago away from the financial cliff might even cancel the Council’s traditional August recess. “I can say with great certainty that we’re not gonna wait for the budget cycle to confront some of these problems,” O’Connor said. “It’s uncharted territory for all of us. What we see coming down the pike are ordinances and measures that will either be belt-tightening or revenue-enhancing.”
The Illinois Supreme Court’s decision to overturn state pension reforms has placed Emanuel’s plan to save two of four city employee pension funds in similar jeopardy. That triggered a downward spiral of events that saw Moody’s downgrade Chicago’s bond rating to junk status and do the same to the Chicago Public Schools and Chicago Park District. Standard & Poor’s and Fitch ordered lesser drops