Mayor Daley Announces He Will Not Seek Seventh Term

"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."

"In the end, this is a personal decision, no more, no less," he added. "For the next seven months, I assure you I will work as hard as I have for the past 21 years, for all the people of Chicago."

Daley spoke for less than five minutes and took no questions.

His announcement comes as he faces a record $655 million budget shortfall. Last month, the mayor said he's looking at hiring private firms to take over more city functions, including potentially running the Taste of Chicago, as a way to cut costs.