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Mayor Rahm Emanuel is reportedly considering a $500 million property tax hike—one of the largest in the city’s history—to help pay police and fire pensions and construction projects for Chicago Public Schools. The tax increase is expected to be included in the mayor’s 2016 budget. We examine what’s reportedly in Emanuel’s budget and what it means for city residents.

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“Unachievable.” That's what fiscal watchdog group The Civic Federation calls Gov. Bruce Rauner's proposed 2016 fiscal budget in a new report released today. And the report comes a day after Rauner gave an unprecedented speech to the Chicago City Council, saying city officials shouldn't expect a bail out from the state. Tonight we talk with a panel of experts about what this means for the city and the state.