03/28/2012 04:21 pm ET Updated May 28, 2012

CPS Projects $700M Budget Deficit

Chicago Public Schools once again faces big budget woes -- this time a projected $700 million shortfall in 2013.

The board met Wednesday morning to discuss the staggering deficit, which includes a projected $1 billion shortfall by 2014. School officials will lay out the cause of the dire financial situation as negotiations continue with the Chicago Teachers Union.

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