CHICAGO — Former Illinois congressman and presidential chief of staff Rahm Emanuel will take office as Chicago's next mayor in May, inheriting daunting fiscal challenges as a new era in city government is ushered in that could shake up the local public finance field.

Emanuel, 51, won 55% of the vote among a field of six candidates in Tuesday's municipal election. On May 16, he will replace Richard M. Daley, who announced last fall that he would not seek a record seventh term after two decades in office.

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