Far West

California Controller John Chiang said December revenues came in $165 million below the projections in the governor’s proposed fiscal 2013 budget.

Republican lawmakers in California have introduced a bill that would block the state from selling bonds for a planned high-speed rail system.

California’s nonpartisan Legislative Analyst’s Office said in a report Wednesday that revenue estimates are a bigger “question mark” than usual in Gov. Jerry Brown’s proposed fiscal 2013 budget.

SAN FRANCISCO — Washington Gov. Christine Gregoire asked lawmakers Tuesday to put a temporary sales-tax increase measure before voters and pass $3.6 billion of transportation spending.

The Commodity Futures Trading Commission voted 4 to 1 to approve a final rule on business conduct standards for swap dealers designed to protect states and local governments, as well as taxpayers, from fraud in the swaps marketplace.

With the Jan. 31 expiration date of the latest Federal Aviation Administration reauthorization law coming up fast, hopes for a long-awaited multi-year bill are giving way to pessimism as airport lobbyists fear that deep partisan divides and a limited number of congressional work days may wind up producing another short-term measure or FAA shutdown.

SAN FRANCISCO — An eastern Washington public facilities district that defaulted on $42 million of notes last month is scrambling for ways to pay investors.

The Internal Revenue Service's initiative to determine whether municipal bonds are being initially offered at prices that fail to comply with tax requirements has left issuers upset and confused about the definition of issue price and what specific abuses the IRS is looking for.

Municipal Securities Rulemaking Board officials on Tuesday urged issuers to encourage Moody's Investors Service to post rating information on the MSRB's online Electronic Municipal Market Access system.

WASHINGTON — Public-private partnerships do not necessarily supply more funds for highway construction than traditional government financing, and spending by the private party must be restricted by budget caps or legal limits for states and localities to see benefits from P3s, a Congressional Budget Office study concluded Monday.