CTU proposes revenue recovery package, Chicago City Council to address school board shakeup

CHICAGO (CBS) — The Chicago Teachers Union is expected to propose a solution to the school district's budget shortfall.

This comes as City Council members are expected to hold a special meeting to discuss the school board resignations and appointments Mayor Brandon Johnson selected to replace them.

Teachers will announce more details about what they're calling a revenue recovery package. They haven't given any details about the package but claim it can provide "more than $1 billion in immediate revenue to the city and its schools."

The Chicago Public School District faces a $500 million hole for next year.

Sources tell us Mayor Brandon Johnson and the Chicago Teachers Union are in favor of taking out a $300 million high-interest loan to pay for teacher raises and some pension costs.

Johnson said this week he'll do whatever it takes to fund schools and pay for the CTU contract.

Mayor Brandon Johnson named six new members to the Chicago Board of Education, days after the entire current board stepped down amid months of tensions at the Chicago Public Schools, including over the fate of the district's CEO, Pedro Martinez.

Sources tell us the new board will likely oust Chicago public schools CEO Pedro Martinez, who opposes getting the $300 million loan.

A special city council meeting is set for 2 p.m. for aldermen to discuss the unprecedented resignations along with the new appointments.