Illinois' two top Republican legislators said on Wednesday they will introduce legislation soon to let the state take over the cash-strapped Chicago public school system, permit the district to file for municipal bankruptcy and eventually allow for city-wide school board elections, Reuters reported yesterday. The plan has the backing of Republican Governor Bruce Rauner, who has embraced allowing local governments facing financial turmoil to file for bankruptcy. But it is strongly opposed by Chicago Mayor Rahm Emanuel, who controls the city's schools, the Chicago Teachers Union, and by Democratic leaders, who control the legislature. Senate Minority Leader Christine Radogno and House Minority Leader Jim Durkin, both Republican allies of Rauner, said a new approach is needed to rescue the Chicago Public Schools (CPS) from financial mismanagement and near collapse. The nation's third-largest school system has a structural budget deficit topping $1 billion and credit ratings that have fallen deep into the "junk" level. The district's current budget has a $480 million gap that officials hope to fill with bigger pension funding support from the state. But the plan has become entangled in a state budget stalemate between Rauner and Democrats.
