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Chicago schools to cut spending after teachers reject offer

from Reuters

The Chicago Public schools will turn to layoffs and reduced pension contributions after its contract offer to teachers was rejected, school Chief Executive Officer Forrest Claypool said on Tuesday. He said that officials at the nation's third-largest public school system are prepared to negotiate around the clock with the teachers' union, but that the district must take steps to plug a $500 million hole in the $5.7 billion budget and a $1.1 billion structural deficit. more

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