Chicago Public Schools

CPS

Chicago Public Schools’ financial future is in question after making a massive into its pension system.

The financially struggling school system paid a $634 million lump sum into its retirement fund. The district was hoping for a reprieve, but the House of Representatives -- led by Democrat Speaker Michael Madigan -- rejected CPS’s request.

The interim CEO of Chicago Public Schools says about 1,400 jobs will be affected after the district had to borrow money to make a $634 million pension payment.

Flickr user Daniel Borman / "Money, Money, Money" (CC BY 2.0)

Chicago Public Schools’ struggling finances appear to be caught in the ongoing dispute between Republican Governor Bruce Rauner and top Democrats.

There seemed to be a deal. Several Republicans voted yes - to let Chicago Public Schools delay paying $634 million in pension money due next week.

But many suburban Democrats in potentially competitive election districts voted no and defeated the bill.

Governor Rauner’s office says Democrats voted against the bill because House Speaker Michael Madigan instructed them to.

Center on Innovation and Improvement / centerii.org

Former Chicago schools CEO Paul Vallas is Governor Pat Quinn's choice for Lieutenant Governor.