Police Arrest 16 As Chicago Teachers Rally Downtown

(CBS) – Teachers for Chicago Public Schools took to the streets Thursday to fight for a new contract, days after bargaining-team members rejected an offer from the Board of Education.

Hundreds of teachers took over LaSalle Street, between Monroe and Adams, CBS 2's Dorothy Tucker reports.

Teachers tell her they planned to march north to Chicago City Hall to express anger over CPS's threats to cut $100 million from the budget, which would include layoffs affecting the classroom.

A group of protesters were observed being arrested at Bank of America. Chicago Teachers Union officials blame the financial institution for bad investments that have helped hurt the shaky finances of the school system.

Sixteen protesters were arrested in the 100 block of S LaSalle, Chicago Police said. Misdemeanor charges for trespassing were pending.

CPS officials say they hold out hope an agreement can be reached with teacher.

"Because of our dire financial circumstances, we must proceed forward with painful cuts in the absence of an agreement. We are hopeful we can rescind these cuts by swiftly reaching an agreement," a prepared statement said, in part.

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