CHICAGO – After a failed stab at asking state lawmakers to extend a teacher pension payment holiday, Chicago Public Schools announced a new round of cuts Friday as the district carves away at a $1 billion deficit in its next budget.

The district -- which is shuttering nearly 50 schools in its effort to rein in costs and better distribute resources by eliminating empty desks – warned painful cuts or changes could still be forthcoming as it finalizes its fiscal 2014 budget over the next several weeks. The new fiscal year begins July 1.

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