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(Chicago Sun Times) — Chicago Public Schools officials revealed Friday that they plan to borrow up to $800 million to pay their bills — even as they pledged to give teachers a promised 4 percent pay hike, a move designed to head off a strike.

CPS revealed its latest plans on how to confront its record deficit within hours of teachers concluding their vote on whether Chicago Teachers Union President Marilyn Stewart or challenger Karen Lewis, a King College Prep teacher, should lead them through tough times ahead. Election results are expected early today.

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