Cook County has a new $3.1 billion 2012 budget that relies on 10 furlough days to avoid substantial layoffs and rolls back an unpopular sales-tax increase starting next year. The budget balances a record $487 million shortfall.

As recommended by new President Toni Preckwinkle, the spending plan relies on restructuring a chunk of the county’s debt to achieve savings and push off near-term debt service payments. Cook  has $3.8 billion of outstanding bonds and, under the plan, would restructure $271 million as soon as April.

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