Brandon Johnson's progressive tax push puts Chicago on brink of rare shutdown as mayor weighs veto [FOX News]
GCM Grosvenor Inc. - Class A (GCMG)
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Source: FOX News
A potential veto of Chicago's 2026 budget by Mayor Brandon Johnson could trigger the Windy City's first-ever municipal shutdown. Johnson reportedly rebuked the budget passed by council over the weekend, which lacks the mayor's favored per-employee "head tax" on corporations, as "morally bankrupt." If Johnson were to veto the budget, it would place the onus back on city council to rehash a plan that could get signed before December 30 – or plunge the city into shutdown. City Council lacks any Republican representation – with a Democratic majority of 48 plus two independents, so the situation represents a clash within factions of the left. One such Democratic critic was Ald. Gilbert Villegas of Belmont-Cragin on the city's northwest side. Villegas, a noted ally of ex-Mayor Lori Lightfoot, tweeted that he will "work hard to see if we can get 38-40 votes to override the veto" – noting that it originally passed 30-18. Chicago faces a projected $1.2 billion shortfall for 2026. Jo
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GCMG
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- 11/5/25 - Beat
GCMG
Sec Filings
- 12/18/25 - Form 4
- 12/17/25 - Form 144
- 12/16/25 - Form 144
- GCMG's page on the SEC website