The mayor sat down with CBS 2's Chief Correspondent Jay Levine.

"You know its gonna stand the test of time of having been right for stabilizing what was bleeding, and that's what you would want out of public service: a selfless act," Emanuel said.

The mayor sat down with Levine just hours after passing a painful budget. He admitted that he is now reconsidering an earlier pledge not to seek a third term.

"I'm going to prepare and run for a third term and I'm not going to be caught flat-footed," Emanuel said. "I've said I really love this job and I love this city and can really make a big difference…I thought about it when I went swimming and I've come to this conclusion."