Chicago school board approves budget, major borrowing plan

The Chicago Board of Education on Wednesday signed off on a $5.46 billion fiscal 2017 operating budget, property tax hike, and a borrowing plan that calls for up to $945 million of long-term bonds and $1.55 billion of short-term debt. The unanimous approval by Chicago Mayor Rahm Emanuel's hand-picked board came despite criticism that the spending plan relies on optimistic revenue assumptions. The nation's third-largest public school system has been struggling with escalating pension payments, dr