Mayor Emanuel borrows to pay massive CPS pension obligation

Mayor Emanuel borrows to pay massive CPS pension obligation
Mayor Emanuel borrows to pay massive CPS pension obligation

Mayor Emanuel borrows to pay massive CPS pension obligation

One day after the Chicago Public Schools made its 634 million dollar teachers’ pension payment on time...the city asked if it could borrow 500 million dollars from the pension fund. The city’s Chief Financial Officer says the five month loan is needed to avoid more cuts. Ralph Martire, Executive Director of the Center for Tax and Budget Accountability, joins us with his take, and what he thinks this means going forward. (Flickr/Got Credit)