EDITOR'S NOTE: Scroll down for live updates from Springfield.

There won't be any formal announcement until this morning, after everything has been reduced to writing and everyone has had a chance to review it.

Springfield seems to finally have reached a critical, if short-term, deal on the state budget, one that will include substantial new aid for Chicago Public Schools but also reportedly impose a $250 million tax hike on city property owners.

The deal passed the executive committee without dissent and the House quickly went into caucus this morning before a floor debate.

Reached over 48 hours, the deal appears to be a classic compromise, one in which neither Gov. Bruce Rauner nor Democrats—especially House Speaker Mike Madigan—will get all of what they wanted.

For starters, the state will have a stopgap budget designed to carry it through the November elections, when all parties will meet again and try to determine how to pay for it and how much of Rauner's pro-business, union-weakening Turnaround Agenda to enact.

Included will be money for such things as social welfare spending and the Monetary Award Program college grants that Democrats wanted, and funding for prisons and state operations that Rauner sought.

Similarly, there was a deal on the item that had been holding up the stopgap budget: how much help to give Chicago Public Schools.

As I reported earlier, the deal includes roughly $400 million more for CPS than current law provides.

Roughly $100 million would come from a new grant for serving large numbers of students from poor families. (Another $150 million would go to other high-poverty districts in the state.) CPS also would not lose the $75 million Rauner originally proposed because of its dropping enrollment, and would get $25 million for early childhood education.

Beyond that, the district finally would get its long demanded "pension parity": roughly $200 million a year, starting next June. That figure is tied to passage of statewide pension reform to Rauner's liking, quite possibly a reform plan pushed by Senate President John Cullerton that would force workers to choose between getting a guaranteed 3 percent annual bump in benefits and continuing to have all salary hikes included in their pension base.

In exchange, the city would be required to boost its property tax by about $250 million a year—this on top of the $543 million in tax hikes for pensions that was approved by the City Council in December.

Rauner originally opposed any new aid, saying Chicago should take care of its own needs, and Democrats had sought hundreds of millions of dollars more. I'll have more later on who's closer to the truth.

Meanwhile, all of this has to be approved by a three-fifths majority of both houses if it's to become law. But a House committee was to start working on preliminary matters last evening, and, without action, lawmakers will face the possibility that schools statewide won't open on time for the fall term.

Also likely to pass sometime today is a capital bill, mostly for road construction.

All of the players surely will have lots to say about this later. I'll report that, too, as it comes in.