CHICAGO (WLS) -- Chicago Public Schools officials are set to present a balanced budget to the school board Wednesday morning.

The big question is how they plan to close a shortfall of more than $700 million.

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Sources ABC7 the budget does not include the controversial short-term loan or pension payment the mayor hoped CPS would re-pay.

The district's interim CEO Macquline King, Chicago Teachers Union President Stacy Davis Gates and top mayoral officials met at City Hall Tuesday to strategize on how to get more education money from Springfield.

But it won't come in time to close this year's huge budget gap, one that is close to a billion dollars.

King admitted the process has made her anxious.

"It is constant conversations with o

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