| New U.S. bill to tax financial trading brings campaign issue to the fore Posted: 13 Jul 2016 03:31 PM PDT  U.S. Representative Peter DeFazio on Wednesday unveiled legislation to tax financial trades that will likely wither in Congress but could stoke partisan fires in the presidential election. The Oregon Democrat's bill would levy a 0.03 percent tax on most financial trades, and is intended to discourage "risky trading behaviors." DeFazio expects that will collect more than $417 billion in revenue in the next decade, which he said could be used to fund free higher education or infrastructure repairs. When the Democratic Party gathers in Philadelphia for its national convention at the end of the month, it will adopt a platform that calls for taxing trades.
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| Chicago Public Schools prepare budget with eye on bond market return Posted: 13 Jul 2016 02:06 PM PDT  Chicago's cash-strapped public schools will be able to raise cash in the capital markets after the nation's third-largest public school system unveils a balanced budget in August, the district's top official said on Wednesday. Forrest Claypool, Chief Executive Officer of Chicago Public School (CPS) was short on details to achieving a balanced budget but said the full spending plan would be out next month. CPS, which must erase a lingering $300 million deficit for the fiscal year that began July 1, also faces the possibility that a $215 million boost in Illinois funding for teacher pensions may not happen.
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| Schools Are Broke, but Prison Budgets Are Up 89 Percent Posted: 13 Jul 2016 03:07 AM PDT  A new U.S. Department of Education report says state and local government spending on jails and prisons increased three times faster than spending on elementary and secondary education during the last three decades.
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