CHICAGO – Chicago Mayor Rahm Emanuel  unveiled a balanced, nearly $7 billion 2014 budget Wednesday that was overshadowed by his dire warning that the city faces a “fiscal cliff” a year from now without state action on pension reforms.

Emanuel stuck by his long-held position that a “balanced” solution is needed to stabilize the city’s pension system that relies on both reforms and new revenue. He did not offer an alternative should lawmakers fail to act. The General Assembly is currently in session for a brief veto session but there has been little movement on a new state pension overhaul being crafted by a conference committee.

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