INSIGHT-Emanuel's re-election present: Chicago's fiscal nightmare is just beginning

April 8, 2015 9:43 PM

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CHICAGO/NEW YORK, April 8 (Reuters) - Rahm Emanuel may have been elected to a second term as Chicago's mayor on Tuesday but now he faces a stark choice: inflict pain on the city's population in the form of unpopular measures such as higher taxes or kick its problems further down the road and risk a fiscal crisis that could even lead to bankruptcy later.

While voters appear to have seen President Barack Obama's former chief of staff as more able than labor union-backed challenger Jesus "Chuy" Garcia to deal with Chicago's massive public pension liabilities, neither candidate squarely addressed what could be a fiscal nightmare for the city.

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