CHICAGO — Chicago Mayor Rahm Emanuel rolled out a proposed $8.3 billion budget for 2013 that closes a $300 million deficit without tax or fee hikes, but he also painted a stark picture of the looming fiscal reckoning in 2015 when pensions will consume $1.2 billion of city revenue.

“I am proud to deliver for your consideration a budget that balances our city’s finances without raising a single tax or introducing a single new fee,” Emanuel said Wednesday in his budget address to the City Council. “This is a budget that allows us to make critical investments by reforming government instead of raising taxes.” 

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