The Chicago Board of Education is proposing an amendment to the budget for public schools that would need approval by the end of the month.

The proposed change to the current budget, made in just the last 24 hours, would allow the school district to take on a loan to balance the budget if needed.

The district approved a nearly $10 billion budget over the summer.

The board is now saying it did not take into account the costs of a new teacher contract, which is still being negotiated.

The proposed amendment posted online by the board states that CPS "can incur debt," if needed, to balance a budget. Otherwise, they'll face budget cuts.

In a letter, CPS CEO Pedro Martinez said CPS anticipates amending the budget at a later date to reflect the cost of these agreements. He acknowledged that the road ahead would not be easy.

A final decision is needed by the end of this month. Two public hearings on the newly proposed amendment are set for next week.