Facing tough race, Emanuel won’t seek third term as Chicago mayor

Chicago Mayor Rahm Emanuel said Tuesday that he won’t seek re-election to a third term as leader of the nation’s third-largest city.

A former Democratic congressman and top adviser to Presidents Barack Obama and Bill Clinton, Emanuel faced a difficult re-election battle next year – 12 candidates announced plans to try to oust him. The city has racked up billions in unmet pension debt and a soaring murder rate in recent years.