CHICAGO (WLS) -- Mayor Brandon Johnson suffered a major budget setback Monday, as the Finance Committee voted down his revenue package that included a corporate head tax.

But, the mayor is standing his ground and refusing to back down from his taxing plan.

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Johnson is portraying the budget showdown as between those who support working people and those who support big corporations. The group of alders who led the charge against the revenue plan say they want to see more efficiencies.

The debate during the Finance Committee meeting got heated.

"And I can tell you this: If you want to accelerate our head-first dive into a economic death spiral, pass this head tax. That is effectively what you are doing," 42nd Ward Ald. Brendan Rei

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