$70,000 a day in interest — the cost of another short-term CPS budget solution

Chicago Tribune

This article discusses the high interest rate that the Chicago Public Schools will have to pay on $387 million in loans that the District is using as a short-term fix for its financial crisis. Civic Federation President Laurence Msall remarks that the extraordinary interest rate that the District will pay on the loans is a waste of money that could otherwise go to the benefit of students.