The Chicago Public School system is facing a deficit that could climb close to one billion dollars. CEO Ron Huberman says drastic measures are required – from pay freezes to pension reform and potentially bigger classes. But union leaders are balking– so what change will come remains up in the air. When Mayor Daley first took control of Chicago’s school system in 1995, he turned to Paul Vallas for an educational and economic fix. Vallas had honed his financial chops as the City of Chicago’s budget director.

Since leaving Chicago in 2001 Vallas has served as the CEO to the School District of Philadelphia and currently heads Louisiana’s Recovery School District. We ask him how he’d tackle the growing budget gap at Chicago Public Schools.