>> The Chicago Board of Education calls off a vote today to cover 175 million dollar pension payment amid intense opposition.

The deals a significant blow to Mayor Brandon Johnson and threatens the city's financial stability.

Let's listen to board President Shannon Hardin make the announcement.

>> extremely, extremely calls to settling the teachers union contract.

So as a result, the budget amendment and related items have been withdraw from today's agenda.

And these items will be brought back to the border to later today for consideration.

Very pleased with the progress so steady, the ship and we hope to be able come back very with that.

saw.

>> Here to break it down for us is Wbtw news reporter Heather Sharon.

All right, Heather Mayor Brandon Johnson said in a statement that Harden called off the vote because of negotiations over a new contract with the Chicago Teachers Union, which he said was extremely close to being finalized.

Is that what happened It's part of the story, but it's certainly not the whole story.

>> The city and the Chicago teachers union, by all accounts are very close to a new agreement.

But they're not quite there yet.

But the real issue is that 175 million dollar pension payment, that CPS has known for 6 months that the city was insisting it make.

But yet it did not set aside any money in its budget, nor did they set aside any money to pay for that new contract with the teachers and the union that represents the principals association, mayor Brandon Johnson wanted them to sort of fill this budget gap today that there simply weren't enough votes on the board to do it politics.

If you don't have the votes, you don't vote and take up.

Take us back.

mind is what the board has been expected to vote on and what the mayor had been asking them to do.

Well, there is about a shortfall of about 240 million dollars in the schools budget.

That's enough to cover the pension payment and pay for the new contracts.

The mayor says let's borrow that money and get through the short-term crisis and figure out how to put this in school district on firmer financial condition next year.

The board, however, is not convinced that that's the way to go.

And that opposition is being led by CPS CEO Pedro Martinez, who has repeatedly called this plan fiscally irresponsible.

And this is the issue that led to deep breach between the CEO and the mayor and prompted the last board of Education all appointed by the mayor to fire him.

But Martinez, he's an office until Now this might be the question of the hour.

What is preventing a deal on a new teachers contract?

Well, the big issue seems to be the amount of time that elementary school teachers have to prepare for their day back before this sort of current era.

They had 30 minutes that was slashed by former Mayor Rahm Emanuel.

They wanted that 30 minutes back.

Cps has said how about 10 more minutes and see to us said we can settle on 20 minutes.

No agreement on that What happened to Well, if CPS and CTU can reach an agreement, maybe the U.S. Budget amendment comes back next week before the CPS port.

If it doesn't, it will be up to the city council to figure out what to do and that will put the city in a precarious financial position because, oh, yeah, they don't have the 175 million dollars either.

Well, thank you, Heather, for that update.

Thanks, John.

And