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Photo credit: Associated Press

There’s an ill wind blowing in Chicago that could take the city down. That’s because the Windy City threatens to become the next Detroit if it doesn’t find a way to fund its pension obligations.

Already downgraded by Moody’s by a surprising three notches – it’s only four slots above junk – Chicago has also seen its S&P outlook cut to negative. That could mean a downgrade within the next couple of years.

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