Chicago Public Schools failed to pay in full the $733 million pension payment that was due June 30, instead making a partial payment of $464 million, even after taking out a $387 million loan from JPMorgan.

The Illinois House of Representatives has completed an override of Gov. Bruce Rauner’s veto of a budget plan, including multibillion-dollar tax increases.

Medicaid has ballooned to cover more than a quarter of Illinois’ population, with spending at $5.4 billion, up 141 percent 2015 compared with 2000. Now that a federal judge has ruled Illinois must speed up its Medicaid payments, the state’s Medicaid payment will increase $83 million each month, for a total monthly payment of $376 million.

Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.

Moody’s Investors Service said simply passing a budget won’t be enough to avoid junk because it doesn’t address Illinois’ many crises.

In two separate deals with JPMorgan, CPS borrowed $387M to make a teacher pension payment at end of June and as a result of the deal, will accumulate at least $7M in interest.

Illinois’ credit rating spirals downward while residents flee to surrounding states with stronger economies and lower taxes.

Illinois universities have hiked tuition and relied on state subsidies to pay for exorbitant administrative salaries — and now credit rating agencies are punishing them for that destructive behavior.

The state’s bill backlog is expected to hit $22.7 billion and pension costs are predicted to grow 14 percent by fiscal year 2018.