CPS may have to borrow more money

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CPS CEO Forrest Claypool.

CHICAGO — More problems have arisen for Chicago Public Schools.

The district may have to borrow more money to stay afloat. CPS CEO Forrest Claypool said the funding problem goes beyond what’s needed to cover a teacher’s contract.

He says the school system lacks the funding to even keep the doors open/

The news comes as the Chicago Teachers Union warned parents that teachers could walk off the job. CTU President Karen Lewis said the latest contract proposal does not benefit teachers.

The CTU rejected an independent fact-finder’s recommendation aimed at resolving the contract dispute with Chicago Public Schools.

Chicago Public Schools CEO Forrest Claypool also held a news conference on Monday urging teachers to concentrate on reaching a final deal rather than starting the clock on a possible strike.