Ratings agency S&P downgraded the city of Chicago’s general obligation debt late Monday, citing structural imbalance in the just-passed 2025 budget, limited options for new revenue down the line and a lack of willingness among city leadership to cut spending.

An effort by opponents of Mayor Brandon Johnson to water down Chicago’s sanctuary city ordinance faltered in the City Council Wednesday, a victory for the mayor as his administration prepares for the looming threat of deportations under incoming President Donald Trump.