There are good debts and there are bad debts. Good debt is an investment in something that will grow in value over time. For an individual, taking out a mortgage to buy a house might be a good type of debt.

The Chicago City Council met Tuesday to discuss how to close the city’s nearly $1 billion budget gap. City Council met two weeks ago and argued about the rules, while the mayor’s opponents stalled his agenda.

As the city deals with a major budget gap, finance committee chair Pat Dowell said the plan will save taxpayers more than $100 million in the long run.