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Mayor Rahm Emanuel is cutting up Chicago's credit cards. Comptroller Amer Ahmad tells us about the city's latest cost-cutting and scandal-reducing measures.

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There is new competition for ComEd as gas company Nicor enters the residential electricity market. WBBM Newsradio 780's Kris Kridel joins us to talk about what that could mean for Chicago consumers.

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This week on Chicago Tonight: The Week in Review, Mayor Rahm Emanuel ushers in a new era of ethics reforms in city government. A vicious beating and stabbing in Lakeview brings renewed fear to the city. Former top cop Jody Weis is hired by the Chicago Crime Commission. State workers lose their raises as Gov. Pat Quinn cuts nearly $400 million from the state budget. City Council approves gun ranges in Chicago. Summer travel costs you more as airlines raise rates. And in sports, bypassed Paul Konerko is finally voted an all-star as the Sox struggle to reach .500.

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Gov. Pat Quinn whacks an additional $376 million from the state's budget, signing it hours before the deadline. Eddie Arruza and his panel examine whether the cuts to Medicaid and school spending are enough to help ease Illinois' fiscal crisis.

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It was once one of the most powerful media conglomerates in the U.S. -- then came a new buyer, bankruptcy and an $8 billion buyout. So what really happened to the Tribune Company? Former Chicago Tribune managing editor James O'Shea discusses his tell-all book: The Deal From Hell: How Moguls and Wall Street Plundered Great American Newspapers.

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WBBM Newsradio 780's Kris Kridel joins us to discuss Chicago's push to boost sagging tourism figures, new plans to renovate Navy Pier and other top business headlines.

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This week on Chicago Tonight: The Week in Review, former governor Rod Blagojevich is found guilty on 17 counts, including trying to sell President Obama's Senate seat. Mayor Rahm Emanuel says union work rule changes are needed -- or layoffs will come. Controversy continues over Alderman Ed Burke's security detail. Governor Quinn signs a workers compensation reform bill and tightens seat belt laws. Former first lady Lura Lynn Ryan dies with former governor Ryan out of prison and at her side. And in sports, the dismantling of the champion Blackhawks continues.

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From slashing the City Council in half to cutting the Fire Department's budget, a new report outlines 40 tough-love measures to get the city's budget back in shape. Our panel discusses the cost-cutting ideas, and what it will take to implement them.

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On Wednesday, Mayor Rahm Emanuel announced that Walgreens’ new “Chicago Hometown Investment Initiative” will bring 600 new jobs to Chicago over the next two years. The initiative will also quadruple the number of Walgreens stores located in the city’s food deserts. This is the fifth major jobs announcement Mayor Emanuel has made during his term, for a total of 3,600 jobs. “This dual investment by Walgreens will have a profound effect on the city of Chicago,” said Mayor Emanuel. “The 600 new jobs will have a strong impact on our economy, and the nearly 40 new stores will allow many of our residents to get fresh, healthy food for their families. This is an example of a corporation that is committed to both the City of Chicago and its mission.”

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Former president Bill Clinton joins his former staffer, Mayor Rahm Emanuel, right here in Chicago to launch a major initiative. Paris Schutz has the story.

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An agreement between the City of Chicago and a number of labor unions is set to expire this week. Could this be the end of mandatory furlough days for city employees? Ash-har Quraishi tells us what Mayor Rahm Emanuel has to say about the issue.

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This week on Chicago Tonight: The Week in Review, newly released 911 tapes add even more controversy to the Memorial Day beach closings. The city's war on gangs nets 120 arrests as the top cop, Garry McCarthy, has vowed to "obliterate" them. The new school board approves hefty executive pay hikes as salary-slashed teachers protest, and CPS CEO Jean-Claude Brizard suggests teachers visit students' homes. An old court order from the Council Wars protects Ald. Ed Burke's controversial 24-7 police detail. ComEd is still reeling from the storm blackouts.

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Crude oil prices tumble, the unemployment rate stumbles, and the housing market falls too. Eddie Arruza and our financial panel break down why the economic recovery has stalled.

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Hundreds of teachers and union members took to the streets this morning to protest the Chicago Board of Education's decision to rescind a contractual pay raise for teachers. Ash-har Quraishi tells us what happened inside the school board meeting that followed.

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Cook County Treasurer Maria Pappas says the average Chicago household now owes a whopping $63,525 to cover local government debt. Phil Ponce sits down with her to ask how she came up with the staggering $108 billion total amount.

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With unemployment rising and major companies threatening to leave the state because of high taxes, WBBM Newsradio 780's Kris Kridel joins us to survey the business landscape.