The district’s borrowing does take pressure off of the district’s immediate cash-flow problem. However, it does nothing to solve the CPS’ long-term financial crisis and its structural imbalances – in fact it only makes things worse.

Mere months after passing the largest tax hike in modern Chicago history, Mayor Rahm Emanuel vows to hit residents with even higher property-tax bills, this time to bail out pension mismanagement by Chicago Public Schools officials – behavior tacitly endorsed by the Chicago Teachers Union.

Amid CPS’ postponed $875 million bond sale, Chicagoans should question whether the district can fill its budget hole and whether Emanuel will stand up for Chicago taxpayers or give in to more teachers union demands.

Chicago Public Schools’ postponement of its $875 million bond sale indicates investors’ concerns over the financial state of the district.

The state must get its financial affairs in order by allowing municipal bankruptcy and enacting real pension reforms.