‘Huge Layoffs' Coming to City, CEOs Warn Mayor

Daley: "This is going to be a very difficult year"

Mayor Daley said Wednesday that he's been warned by a parade of corporate CEOs that a blizzard of job cuts are about to bury the souring Chicago economy.

The mayor, speaking to reporters after a City Council meeting, said layoffs would put new financial pressure on cities, counties and the entire state.

"We've never experienced anything like this, except people who came from The Depression," the mayor said.

Chicago will close the book on 2008 with an unreserved corporate fund balance of just $1.5 million.

The Chicago Sun-Times has the full story.

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