* Subscribers know more…

Mayor Rahm Emanuel is seeking to put off a massive teacher pension payment that’s due at the end of the month until Aug. 10 under a measure that surfaced Tuesday in the Illinois House.

The request for a delay comes after a series of internal Chicago Public Schools reports indicated that even if the school district drained its checking account, maxed out its credit card and burned cash set aside for other debts, it still would not be able to make the pension payment of more than $600 million, cover payroll and pay all the other due bills.

“We’re disappointed,” said Charles Burbridge, executive director of the Chicago Teachers’ Pension Fund. “We were expecting full payment next week as required by state statute. . . . It’s unfortunate that they’re in a position where they need to ask for this delay.”

But Burbridge said he was pleased that the amendment, introduced by House Majority Leader Barbara Flynn Currie, D-Chicago, would not reduce the size of the payment CPS is required to make to restore the pension fund to financial soundness.

The bill is here.

…Adding… The train, as usual with these things, is moving fast. The amendment has been assigned to House Executive Committee, which starts at 11:15.

…Adding More.. Greg Hinz rather cleverly ties the school deal to the DCEO privatization bill that I told subscribers about this morning…

A Rauner sign-on would be rather interesting, given that the governor previously has seemed to be pushing to have CPS reorganize its affairs in bankruptcy.

But that may explain a second bit of action today. Madigan has agreed to call for a final vote a bill to partially privatize the Illinois Department of Commerce and Economic Opportunity, which Rauner has been pushing for pretty hard.

If the DCEO measure and the CPS bill pass, every side will get something. That’s the kind of stuff that bigger deals are made of.

…Adding… The bill passed Exec 8-2.

*** UPDATE *** It looks from the roll call that Madigan pulled his targets off, and others were absent…