Episode Details

Chicago Public Schools just passed a risky budget, betting on $150 million in uncertain state funding—already locked in by the legislature—with elections looming and payroll hanging in the balance. The district’s CEO warns school could even delay opening if short-term loans aren’t secured at steep interest rates. Missing payroll could trigger shutdowns and legal fallout, echoing a 1980 bailout that birthed a special finance authority. With layoffs frozen and hiring stalled, CPS is pushing for more state aid to reverse cuts—or risk midyear reductions. The mayor may tap past tax increment surpluses as a last resort. This high-stakes financial gamble could determine whether thousands of students start the year—or not.

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