(Chicago, IL) -- Chicago Mayor Richard Daley is doing some fast-talking on the city's Olympic deal.

The "Sun-Times" reports he's now insisting taxpayers would only be the underwriters of last resort for a 2016 Summer Games.

He insisted on Saturday that he'd rather have private insurers cough up the two-and-a-half billion dollars Chicago has pledged if the games somehow go awry.

But that included 500-million dollars the City Council has already pledged against operating losses.

And, to further complicate the math, Daley said Saturday the city may need to up its insurance policy to three-and-a-half billion dollars.

Daley's been in a bind since he reassured the International Olympic Committee a couple weeks ago that Chicago would underwrite the games, despite months of telling taxpayers they wouldn't be on the hook.

The IOC will announce in October whether Chicago beat out Rio de Janeiro, Madrid or Tokyo for the Olympics.

　

　

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