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The administrators who run Chicago Public Schools, the taxpayers who fund the district and CPS parents have a real mess on their hands. CPS is facing a $500 million budget shortfall for the 2015-16 school year alone. Altogether, the district is over $1 billion in the hole, and the debt CPS is carrying has been labeled “junk” by Fitch Ratings, Moody’s and Standard & Poor’s.
