CTU Teachers Approve New Contract, CPS has $1Billion Defecit

By a vote of nearly 80 percent, Chicago teachers approved a new contract on Tuesday that grants raises of 3 percent this year and 2 percent raises each for the next two years. Chicago Public Schools already faced a $1 billion budget deficit, and CPS used up the district’s cash reserve for the current year’s budget. http://www.chicagotribune.com/news/local/breaking/chi-chicago-teachers-overwhelmingly-approve-new-contract-20121003,0,6506639.story

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