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Watchdog: Borrowing Trouble

Last year the Tribune reported on a $10 billion borrowing spree by Chicago Public Schools that is contributing to the district’s budget problems. Now, reporters Jason Grotto and Heather Gillers find that CPS obtained $1 billion of that money through complex bond deals that exposed the district to great risk yet were approved with little public debate. In the long run, the district stands to pay tens of millions of dollars in extra interest payments on the debt, a Tribune analysis found.