CHICAGO — Chicago faces a $635.7 million budget gap in 2012 that could rise to nearly $800 million in 2014 if the city doesn’t take steps to better align its spending and revenues, Mayor Rahm Emanuel warned Friday in announcing preliminary budget figures.

Signaling that the city’s day of fiscal reckoning has arrived, Emanuel vowed he would bridge the gap without a property tax increase or one-time maneuvers such as the use of reserves set up with the city’s asset leases. Emanuel’s predecessor, Richard Daley, relied heavily on reserves to eliminate red ink in the last few city budgets over deeper spending cuts or tax hikes.

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