Bloomberg BNA – Chicago Mayor Rahm Emanuel expanded his public health campaign against petroleum coke and coal, vowing to introduce an ordinance that will ban new storage and processing facilities, and prohibit any expansion of existing facilities.
“If I can persuade Al Sharpton and Bill O’Reilly to come to the same meeting, there are plenty of people of good faith to get something done,” President Barack Obama said in the White House’s East Room yesterday.
Chicago’s credit rating on $7.8 billion of general-obligation debt was cut one level to Baa1 by Moody’s Investors Service, which cited “massive” pension liabilities for the third-most populous U.S. city.
Chicago is now the city of big debt, where each of its 2.7 million residents -- from infants in diapers to senior citizens on fixed incomes -- is on the hook for about $20,000 in long-term pension promises and bond obligations. Like the relentless snow clogging the city’s streets, it just keeps piling up.