(FOX 32 NEWS) - A grim warning was issued Friday afternoon from Wall Street about the junk credit rating of Chicago's Public Schools.
It came after Gov. Bruce Rauner punched a new $215 million hole in the CPS budget with a surprise veto on Thursday.
Moody's Investors Service warned: "If the veto holds, CPS' deficit net cash position could stand at over $1 billion (in the hole) when its fiscal year ends in June 2017."
Democrats tried but failed to override the veto.
Rauner's move drew enraged denunciations from school officials and Mayor Rahm Emanuel. The governor called on them to cool it.
"My strong recommendation is that we tone down the rhetoric, that we stay calm, we stay focused and that we come to a bipartisan agreement on a balanced budget with reforms. This is rhetoric, heated rhetoric doesn't help. Getting emotional doesn't help. Pointing fingers doesn't help," Rauner said.