Justin Jensen in Current Events | Rauner CPS declaring bankruptcy may be best option @JustinJenseninCurrentEvents | Uploaded June 2015 | Updated October 2024, 5 hours ago.
The search is on for a new Chicago Public Schools CEO after Barbara Byrd-Bennett resigned.
Byrd-Bennett had been on leave since mid-April after word broke that the feds were investigating her connection to a $20-million dollar no-bid contract.
The Byrd-Bennett situation, and the financial mess at CPS, are adding more fuel to the governor's financial argument.
The governor believes bankruptcy might be the district's best option.
Critics including Chicago's Mayor Rahm Emanuel have called it a bad idea to have school districts and local governments file for bankruptcy. But Gov. Rauner says it could be the best way to reduce the huge debts those governments face.
Rauner said the bankruptcy option is especially needed at Chicago's Public Schools, beset by the resignation of Supt Barbara Byrd Bennett under a cloud of scandal and by gigantic, unfunded pension liabilities.
Legislation to allow school boards and local governments to file for bankruptcy was introduced in the Illinois House. Top Democrats said they do not intend to call it for a vote, at least for now.
Members of the Illinois House will be back at the Capitol for a special session that begins Thursday and could last all summer long. If there's no agreement by the middle of next month, non-essential state agencies could start shutting down.
The House will be back on Thursday, but Illinois state senators will not come back to work until June 9.
Illinois' budget year begins on July 1.
The search is on for a new Chicago Public Schools CEO after Barbara Byrd-Bennett resigned.
Byrd-Bennett had been on leave since mid-April after word broke that the feds were investigating her connection to a $20-million dollar no-bid contract.
The Byrd-Bennett situation, and the financial mess at CPS, are adding more fuel to the governor's financial argument.
The governor believes bankruptcy might be the district's best option.
Critics including Chicago's Mayor Rahm Emanuel have called it a bad idea to have school districts and local governments file for bankruptcy. But Gov. Rauner says it could be the best way to reduce the huge debts those governments face.
Rauner said the bankruptcy option is especially needed at Chicago's Public Schools, beset by the resignation of Supt Barbara Byrd Bennett under a cloud of scandal and by gigantic, unfunded pension liabilities.
Legislation to allow school boards and local governments to file for bankruptcy was introduced in the Illinois House. Top Democrats said they do not intend to call it for a vote, at least for now.
Members of the Illinois House will be back at the Capitol for a special session that begins Thursday and could last all summer long. If there's no agreement by the middle of next month, non-essential state agencies could start shutting down.
The House will be back on Thursday, but Illinois state senators will not come back to work until June 9.
Illinois' budget year begins on July 1.
