Census Bureau: State and Local Debt Grew 22% During Recession
As state and local governments struggled in the recession, debt grew faster than both revenues and expenditures, climbing 22% from $2.4 trillion in 2007 to $2.9 trillion in 2012.
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Congress left town for the holidays after passing a bill that will extend expired bond-related and other tax provisions retroactively through 2014, as well as a $1.01 trillion omnibus spending bill that will fund most government agencies through the end of fiscal 2015 but cut some grant programs. more »
Use of municipal bonds should be encouraged, and their prevalence should not be limited, because state and local governments face challenges financing projects through other means, Rep. Randy Hultgren said. more »
The House late Thursday passed a spending bill known as the "cromnibus" that would fund most federal government agencies through the end of the federal fiscal year. more »
Members of Congress unveiled a fiscal 2015 spending bill late Tuesday, but some provisions tucked into the measure were drawing opposition. more »
State budgets are expected to show moderate growth and stability in fiscal 2015, according to the National Association of State Budget Officers' fall fiscal survey of states. more »
The National Association of State Treasurers is working with Rep. Jason Chaffetz, R-Utah., on a letter to be sent to the House Ways and Means Committee chairman that would make the case for conservatives to preserve the municipal bond tax exemption, a consultant to NAST said Friday. more »
Municipal issuers' financial challenges are preventing them from issuing more bonds to take advantage of low interest rates, Virginia Treasurer Manju Ganeriwala said here on Thursday. more »
The House on Wednesday passed a bill that would extend through the end of the year expired tax provisions known as "extenders," several of which relate to bonds, state and local taxes and Puerto Rico. more »
Total tax-exempt and taxable municipal bond issuance in 2015 is expected to edge up to $357.5 billion, an increase of more than 2.7% from the $348.1 billion forecast for this year, according to respondents of an industry survey. more »
A Republican Congressman on Wednesday said that Congress should pass Internet sales tax legislation. more »
The U.S. federal government spent $ 3.1 trillion in states during fiscal 2013, and the federal spending varied widely from state to state, The Pew Charitable Trusts said Tuesday in its latest report on federal spending in the states. more »
Ralph Becker, mayor of Salt Lake City, Utah, was elected last Saturday as 2015 president of National League of Cities, at the annual Congress of Cities and Exposition in Austin, Texas. more »
A new Congressional Budget Office report mentioned eliminating the tax exemption for new qualified private-activity bonds as an option for reducing the federal deficit. more »

As it steps up its efforts to police the municipal securities market, the regulator is turning to potentially career ending sanctions for municipal officials.

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