>> And now to tonight's top story for Mayor Brandon Johnson and the Chicago City Council.

The 4th time was the charm Chicago has a spending plan for 2025 after a close vote by older people but ended months of tense negotiations and an afternoon of charged debate.

>> My colleagues have stood up and property tax.

And we with the support of everybody in this room think the message 50 to nothing.

But we did not want property then a record plea just while lot.

With 250.

And you are rejected the 150.

We went to 68. recklessly.

While OG E U.

We go to the role.

However, in order to get to the role, we are fine the and the people of the city of Chicago to death.

>> I do think.

In spite of my frustrations and challenges that democracy is represented in the budget that in front of us today.

Do I think it is a complete and perfect reflection of my values.

My community values.

But it is it a budget that moves us forward in ways that I think are responsible.

Yes.

>> Our Heather Sharon joins us now with the latest.

Heather, the main sticking point, which was the proposed property tax hike that we just heard quite a bit about was completely removed less than 24 hours ago.

How did the city council make up the difference?

>> Well, the mayor went back to the drawing board and found a combination of cuts and quote, unquote, operational efficiencies to bridge that last gap.

And that was the crucial piece that had been missing up until this point.

The city council voted 27 to 23.

One of the closest budget votes in Chicago history to pass the spending plan, averting a government shutdown that would have happened on December 31st and ensuring that 30,000 city workers will still get paid and that Chicagoans will continue to rely on the city services that they need.

But they did it without making significant or structural changes to the way the city's finances operate.

And in fact, the only way the city was able to avoid a property tax increase was to put off paying nearly 40 million dollars in debt.

That former Mayor Richard Daley incurred when he bought the former Michael Reese hospital site.

City officials will have to figure out how to foot that Bill.

Next year.

But this budget does include a hike in taxes.

Heather, what does this mean for Chicagoans?

>> So in all, Chicagoans will pay 161.5 million dollars more in taxes.

The bulk of that will be paid by companies that lease digital goods as light and that will hit large corporations hardest.

But Chicagoans who sign up for streaming services and other digital subscriptions will also pay a little bit more to the city to help bridge budget gap.

And that was really sort of the only way that this says this budget can work.

The city is finding its finances, pinched by massive pension debt debt, high level of debt and escalating personnel costs.

>> Heather, several of the mayor's allies, though they said they did vote for the mayor's budget.

But reluctantly.

Why was >> Well, felt that Mayor Brandon Johnson mismanaged these budget negotiations, stopped to finish and the 2 co-chairs of the progressive caucus let the mayor know that they are deeply disappointed in how they how he has handled this.

He said they said that that his management, his list, the city Council badly fractured and made it harder for Chicagoans to trust that their government can operate in their best interest.

There is no doubt that after these last couple of months, the mayor has a significant amount of fence-mending and bridge building to do with those who have his closest allies on the City council.

>> And to that point, many older people have said that this is one of the most difficult budget seasons that they have ever had to experience.

And, of course, Chicago's financial woes are not over after this.

What happens next?

>> Well, everybody here at City Hall will be holding their breath to see whether Wall Street ratings agencies downgrade the city's credit rating.

They had been hoping that the city would raise property taxes, which will ensure a steady stream of income for many years to come.

That did not happen and they will also be waiting to see whether all of this budget-related chaos will ensure that ratings ground great.

If it does, it will