Far West

WASHINGTON — The prospect for a federal government shutdown grew more ominous Thursday, leaving state and local groups with unanswered questions about whether federal payments will be halted if lawmakers fail to reach agreement on a fiscal 2011 budget compromise before midnight Friday.

SAN FRANCISCO — In this city known for its eccentricities, why should retiree benefit reform be any different?

CHICAGO — The efforts of five Wisconsin school districts to recoup their ill-fated $200 million investment in collateralized debt obligations have received reinforcement in the form of possible Securities and Exchange Commission action against an investment bank for its role in the transaction.

WASHINGTON — Erik R. Sirri, former director of the Securities and Exchange Commission’s trading and markets division, will oversee the Municipal Securities Rulemaking Board’s muni market trade and pricing study, the MSRB announced Thursday.

WASHINGTON — The Department of Transportation has received more than 90 applications from 24 states, the District of Columbia, and Amtrak seeking a total of nearly $10 billion for high-speed rail projects — more than four times the $2.4 billion available from Florida Gov. Rick Scott’s cancellation of a project in his state.

WASHINGTON — The Municipal Securities Rulemaking Board’s draft rule on gifts and gratuities could shut down muni advisers, the municipal market’s largest financial adviser is ­warning.

The top tax-writing lawmakers said Wednesday that while a debate about the tax-exempt status of state and local bonds will certainly be in the mix as part of a broader tax-reform debate, it is too early in the discussion to delve into specific issues.

SAN FRANCISCO — Wenatchee, Wash., finds itself on the hook for a hockey arena that didn’t pencil out the way consultants said it would.

WASHINGTON — Lawmakers on Tuesday moved forward with two legislative efforts to overhaul the U.S. tax code, which would either halt, or threaten, tax-exemption for new muni bonds.

WASHINGTON — Independent financial advisers are criticizing the Municipal Securities Rulemaking Board’s draft changes to its rule on gifts and gratuities, warning they don’t go far enough to eliminate conflicts of interest.