Congestion Pricing Funds Head to Chicago

A hefty piece of the $354 million in federal funds that would have gone to New York City had Mayor Bloomberg's congestion pricing plan won approval from state lawmakers is headed to Chicago.

Chicago will receive more than $153 million from the U.S. Department of Transportation. The city has proposed reducing gridlock through a congestion pricing system for street parking spaces and by providing faster bus service.

The plan calls for parking meters in downtown Chicago to charge drivers more during rush hour to discourage driving, and would create fees for on-street truck-loading zones in the downtown area, the Chicago Tribune reported.