Report: City officials bungled parking meter deal

Chicago officials deny taxpayers were shortchanged in a $1.15 billion deal that privatized the city's parking meters.

At a press conference Tuesday, Mayor Richard Daley's chief of staff Paul Volpe said the 75-year lease was in the best interest of Chicagoans.

He says that without it, the city could have been forced to cut thousands of police officers or services like snow removal.

Volpe's comments are in response to a report released earlier in the day by Chicago's inspector general.

The 45-page report concludes city officials ignored long-term consequences in a "hasty" effort to solve short-term budget problems. It also says officials didn't consider alternatives or provide sufficient public review of the decision.