[Most updates will be found on our live coverage post for a while. Easier for me that way. Click here to follow along.]

* I’ve talked with a couple of people who have been briefed about what went on today at the leaders meeting. It was described to me as the outline of a deal.

On K-12…

$250 million for statewide poverty grant. CPS would get a sizable chunk of that. [ADDING: CPS’ cut of that would be about 38 percent, which works out to $95 million. It could also be 40 percent, if they use the House Dems’ version of education funding.]

Legislature would mandate authorize CPS to levy beyond the property tax cap (a bill that’s sitting in the Senate) [ADDING: This, by the way, isn’t to say that the governor “supports” a property tax hike for Chicago. What this does is essentially allow Chicago to solve/address most of its own problems.]

Starting June 1st next year, CPS would receive “pension parity” [ADDING: A third source says the pension parity bill will be voted on very soon (structured roll call), but the GA will hold the bill while everybody works on pension reform. The agreement is they have to transmit the bill to Rauner before this GA adjourns in January. The governor will veto the bill if there is no pension reform passed in the interim].

* On the stopgap…

Also hearing stopgap deal is basically done. GOMB is drafting it. Everything’s starting in the House on what I’m told will be a single Senate bill.

ADDING: The stopgap bill is the budget working group’s version, I’m told. It’s basically the contents of Cullerton’s approp bills (SB2055, 2056 and 2057).

Remember, however, things change. Stuff goes off the rails. Stay tuned.

…Adding… Vinicky…

“There’s a likelihood of the bridge budget, the stopgap if you will,” Republican Rep. Dan Brady, of Bloomington said in the early afternoon.

If it pans out, that’d lead to a temporary spending plan for universities, social services and government operations.

A source says that would be separate from funding for schools; something Brady calls a “tender nerve.”

Democrats favor spending hundreds of millions of dollars more on education, in part to help out the financially struggling Chicago Public Schools.

A deal on that could be in the works, perhaps by allowing Chicago to raise its property taxes; however that would fly in the face of Gov. Rauner’s steadfast promotion of a property tax freeze.
Brady says there needs to be a way to avoid the perception of what Republicans and downstaters call a CPS “bailout.”

…Adding More… OK, last one. Tribune…

First, the state would add about $250 million in spending intended for school districts with low-income students. A sizable, to-be-determined chunk of that money would go to CPS.

Second, lawmakers would approve a bill to allow Chicago to raise property taxes to help pay for CPS pensions. Mayor Rahm Emanuel has been pushing for Springfield to give him the authority to restore a property tax levy that would be dedicated to teacher pensions, and has estimated that doing so would generate an additional $175 million for the district.

And third, the state would start picking up about $200 million of CPS pension costs, but wouldn’t start doing so until next year. The delay in part is meant to allow the legislation to pass with just a simple majority. That’s because the threshold to enact bills jumped to a three-fifths majority after May 31. The pension spending could be tied to lawmakers sending Rauner separate legislation to help relieve the state’s pension troubles, with Rauner reserving the right to reject the pension help for CPS if the statewide pension legislation doesn’t materialize down the road. […]

The approach being crafted would provide full-year funding for schools statewide. The stopgap spending measure is designed to keep state government open for six months. That would allow Rauner and ruling Democrats in the General Assembly to punt their larger budget fight until after the November election.