US News

PRINCIPALS FEAR BIG $QUEEZE

This year’s school budget cuts are a mere ripple compared to the tsunami that will hit next year, principals told The Post yesterday.

On the heels of a 1.3 percent cut to every school’s current budget, Chancellor Joel Klein warned the principals yesterday to expect a hefty 3.5 percent cut in next year’s budget, they said.

In another development, education officials are scrapping a program to test GPS locator systems on school buses.

Calls for installing GPS heightened after a bus full of kids disappeared in Brooklyn when the driver got lost.