Chicago Public Schools preparing for devastating cuts next year

CHICAGO -- Chicago Public Schools are preparing for devastating cuts next school year. School principals are being warned that the cuts could be more than 20 percent.

The school district must pass a budget no later than August under state law. It's now $1 billion in the red.

The Chicago Teachers Union said Thursday night that it has been working without a contract since June 2015. While it has authorized a strike, it has not yet set a strike date.