A Very BIG Lie
Twelve weeks ago, Cook County chief of staff James Whigham -- running the county's day-to-day operations -- flatly denied the county was in such dire financial straits that it would have to borrow money to make ends meet.
Friday, things changed. For the first time in more than a decade, Cook County must borrow to help pay the bills. According to an ordinance delivered to commissioners, they will be asked Wednesday to allow the county to seek a $200 million loan
Cook County having to borrow is especially amusing in light of this:
WASHINGTON, July 8 - An unexpectedly steep rise in tax revenues from corporations and the wealthy is driving down the projected budget deficit this year, even though spending has climbed sharply because of the war in Iraq and the cost of hurricane relief.
On Tuesday, White House officials are expected to announce that the tax receipts will be about $250 billion above last year's levels and that the deficit will be about $100 billion less than what they projected six months ago.