CHICAGO -- The Chicago Public School system is staring at a large pile of bills that are about to be due.
The Chicago Tribune reports the school system would have to use all its cash and max out its credit cards in order to pay the Teachers' Pension Fund, make payroll, and cover other costs.
If CPS does that, it could still be short on the bills due at the end of June.
So the next budget, that starts in July, would start in the red.
That could mean teacher layoffs, larger class sizes, and schools could be opened late.
The district is behind because its been putting off paying some of these expenses for years.
Instead its come up short on budgets, tapped into its rainy day fund, and put off contributing to the pension fund.
Officials from City Hall, CPS, and the teachers' union have been meeting on the finances, but no answers have surfaced.
"If you look at the so-called solutions, the only solution that's to my mind fully in control of the school board are cutting solutions, and they're not pleasant," said Henry Bienen, president emeritus of Northwestern University. "Nobody's wanted to do them, for very good reasons — because nobody's wanted to damage the enterprise of teaching students."