CHICAGO (WLS) — It is down to the wire. The Chicago Board of Education has just a few days to pass a balanced budget.

Smiles, hope, and optimism defined Monday’s first day of Chicago Public Schools. On Tuesday, it was back to reality at CPS headquarters, where the partly elected, partly appointed school board remains deeply divided over a CPS-proposed budget, which interim CPS CEO Macquline King supports.

ABC7 Chicago is now streaming 24/7. Click here to watch

State law requires the district to pass a balanced budget by the end of the month.

“If we don’t pass a responsible budget, board members could lose their seats. Board members can be fined. In fact, schools could shut down the next day. That’s what can happen if we go into one day without a budget,” said elected 10th District School Board Member Che Rhymefest Smith.

Chicago Mayor Brandon Johnson doubts it will happen.

“There will be no stalemate. There’s no shutdown. We’re committed to making sure that our children, no matter where they live, have a world-class education,” Johnson said.

But it’s the mayor’s office, the Chicago Teachers Union and 11 of their aligned school board members who want the budget reworked to include a municipal pension payment and a loan to pay for it.

“To think that borrowing is a sin, it’s not. Borrowing is so you can pay later. We are responsible for kids in school now,” said appointed School Board Member Emma Lozano.

“We don’t want to take out a loan, but we want the option to do it,” said elected School Board Member Jitu Brown.

The pension payment is legally the city’s responsibility because it includes city workers. In the past, CTU was against CPS paying for it, but now, the union and mayor support it. If the $175 million payment is shifted to city, it will add to the city’s big deficit hole.

“Balancing the budget on the backs our children so we can help out our mayor; that’s not responsibility. That is not solution-oriented,” said elected School Board Member Jennifer Custer.

CPS says it will cover the pension payment if the district gets more TIFF money from the city or additional state funding. The district says a loan is irresponsible.

“Taking out debt when it is not necessary will send district on a downward spiral; that will have real impact on our schools,” said CPS Chief Budget Officer Mike Sitkowski.

CPS says that downward spiral will mean future cuts in the classroom. The current balanced budget does not include any cuts in the classroom. The budget needs a simple majority to pass. So far, there are not enough votes, unless one board member flips.