One of the nation's most powerful mayors is calling it quits. Chicago's Richard Daley says he won't run for re-election next year after 21 years in office, the Tribune reports. Speculation is sure to turn to Rahm Emanuel, who's rumored to be on his way out as White House chief of staff. Earlier this year, Emanuel said that he'd love to be his hometown's mayor—but that he wouldn't run against Daley.
"The truth is I have been thinking about this for the past several months," said the mayor at his 5-minute news conference. "In the end this is a personal decision, no more, no less." He steps down amid sinking support in the polls and with the city facing a record $655 million budget shortfall, notes the Trib. "Simply put, it's time," he said. "Time for me, it's time for Chicago to move on." (Read more Richard Daley stories.)