Mayor Brandon Johnson said the city will refinance up to $525 million in debt to dig itself out of a now $85.1 million budget hole caused by a slew of so-far-fruitless revenue streams passed in the City Council’s spending plan.
Johnson had repeatedly warned of a $130 million hole in the City Council-crafted budget, but he said Tuesday that deficit has shrunk due to better-than-expected returns in other areas. The debt refinancing will save the city $65 million to $71
The U.S. debt just surpassed$40 trillion. We only crossed $30 trillion in January 2022. So, just a few years to add $10 trillion. With a couple months left in the fiscal year which ends in September, interest costs have already climbed to$1.17 trillion and now rank as the third largest federal expense behind healthcare and Social Security. More borrowing ➡️ Higher interest costs ➡️ More borrowing ➡️ Higher rates That's a doom loop. Last week's 30-year Treasury auction was thecostliest such sale in 25 years. The day before, a 10-year Treasury auction produced thehighest financing cost since 2007. The consequences won't stay in Washington. They'll show up in your mortgage payment, your car loan, your credit card bill, and the cost of doing business. The math is simple. Debt compounds. So do the consequences.In 18 months or so, your money in the bank will be worthless, your house will a giant liability and your pension fund will be in bankruptcy. Government will probably issue a new currency. THINK OF IT AS STARTING OVER.
Today, let’s discuss aircraft carriers; namely, recent news accounts about poor food and living conditions aboard the long-deployed USS Abraham Lincoln (CVN-72), as well as President Trump’s
Debt-laden Bally’s future in ‘substantial doubt’ amid video gambling dispute over Chicago casino While the company is on the hook for about $400 million in costs over the next two years to complete its permanent complex at 777 W. Chicago Ave., Bally’s still isn’t breaking even at its temporary casino at the historic Medinah Temple.
Bally’s Chicago celebrated placing the final structural beam of its new casino in River West on April 30.
Bally’s has acknowledged its massive debt creates “substantial doubt about its ability to continue” over the next year, when the company is supposed to open its long-delayed Chicago casino complex in River
Bears lease at Soldier Field runs through 2033. However, the team can break the agreement early by paying an early-termination fee, which is currently tabbed at $90 million. After 2033, who cares?
