Daley cuts spending

Chicago Mayor Richard Daley says the country is in a recession and the city needs to prepare for any resulting economic slowdown. That's why he announced steps Thursday to cut city spending by $20 million. The measures include a hiring freeze on most jobs, no more overtime and an across the board 3 percent cut on nonpersonnel costs. Chicago Chief Financial Officer Paul Volpe said the city is trying to be proactive before it's hit by a local downturn. The city said some tax revenue is less than expected because of a slowing real estate market. And the city has shelled out more money for snow removal because of a harsh winter. The city also is looking to raise more money by leasing assets like Midway Airport.