Chicago Posts Record Deficit

Clearly a drop in the bucket compared to the states fiscal woes:

CHICAGO, July 31 (UPI) -- Chicago is facing a budget shortfall of more than $654 million, but Mayor Richard M. Daley said he would not raise property taxes next year.Instead, officials will look at other options as a way to fund a proposed $6.3 billion city budget, the Chicago Tribune reported.

Pay hikes and increased healthcare costs contributed to a proposed budget increase of $207 million over the current year, the newspaper said.City officials are looking at several proposals to generate additional funding, including a plan to lease Midway Airport and tapping economic development funds that exist in special taxing districts.

Of course no one will tops the efforts of the worlds most famous Chicagoan.