CHICAGO - Chicago Mayor Richard Daley unveiled a nearly $6 billion budget for 2009 that closes a looming $469 million deficit by dipping into the proceeds of two asset-lease transactions and by using a mix of tax increases, debt restructuring, and steep job cuts.

Daley portrayed the budget as his most difficult in his nearly two decades in office. Chicago is grappling with steadily increasing personnel and other operational costs amid a dramatic slowdown in revenue collections.

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