Overview

• The Finance Committee on July 14 voted 16–17 against Ald. Marty Quinn’s ordinance raising the borrowing approval threshold from a simple majority to two-thirds, preserving the 26-vote rule.
• Sponsor Ald. Marty Quinn argued the higher bar would compel Mayor Johnson to work more closely with aldermen on bond plans and help shield Chicago from further credit downgrades.
• Budget Committee Chair Ald. Jason Ervin warned a supermajority requirement could empower a small group to block essential infrastructure investments.
• The rejection follows Fitch Ratings’ May downgrade of Chicago’s financial outlook to negative and threatens to complicate a budget cycle grappling with a projected $1 billion deficit.
• The vote underscores a deepening power struggle between the mayor and aldermen over debt management, transparency and fiscal oversight.