The sponsor of a bill to tax certain financial exchanges says it would help Chicago Public Schools, but the governor is adamantly against the proposal.

Amid Chicago Public Schools taking out more than $700 million in bond debt to get through the rest of the school year and calls for nearly half a billion dollars from the state to shore up its finances, Democratic Representative Mary Flowers said her financial transaction tax bill would solve the problems.

Governor Bruce Rauner says the tax would have negative consequences on businesses such as the Chicago Mercantile Exchange, and others.

Rauner says CPS has two options -- either increase taxes, something the Republican governor opposes, or go through reorganization as part of a Chapter 9 bankruptcy, which would require a change to state law.