04/27/2010 05:12 am ET Updated May 25, 2011

Chicago Public Schools Could Face $975 Million Deficit

To get ahead of what could be a $975 million deficit next school year, Chicago Public School officials Thursday announced 500 central office and citywide job cuts -- and three weeks of furlough days for those left behind.

Chicago Schools CEO Ron Huberman and his fiscal leaders sketched out the CPS game plan for a "very, very challenging fiscal situation this year and next," and said they would need help from teachers and other unions to avoid "devastating effects" on school children.

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