<p>Chicago&#8217;s mayor, Lori Lightfoot, announced Tuesday that the city is facing a historic $1.2 billion budget shortfall for the fiscal year 2021, following what the mayor called a &#8220;catastrophic&#8221; economic collapse caused by the coronavirus pandemic and by widespread rioting and looting that did an estimated $60 million in physical damage to the city&#8217;s downtown and untold damage to its tourism industry.</p>
<p>&#8220;Saying Chicago faces &#8216;a crisis unlike anything we have experienced in our lifetimes,&#8217; Mayor Lori Lightfoot painted a grave financial picture for the city on Monday, detailing a projected $1.2 billion budget shortfall in the 2021 fiscal year,&#8221; Chicago&#8217;s public broadcasting station, WTTW reported.</p>

Chicago Faces Record $1.2 Billion Budget Shortfall Following ‘Catastrophic’ Economic Collapse, Riots, And Violence

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Chicago Faces Record $1.2 Billion Budget Shortfall Following ‘Catastrophic’ Economic Collapse, Riots, And Violence