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The debate over the debt limit has exposed rifts among Republicans, who will take full control of Congress on Friday.

President-elect Trump and Washington, D.C., Mayor Muriel Bowser renew relations as the city braces for the inauguration, and a stadium site transfer from federal control which could spur a floodgate of bond issuance.

The muni market saw $507.585 billion of debt issued in 2024, up 31.8% from $385.061 in 2023. This surpasses the previous record of $484.601 billion in 2020 by more than $20 billion, per LSEG data.

Cuyahoga County and Cleveland will each pay $20 million to fund capital repairs at the venues that host Cleveland Cavaliers basketball and Guardians baseball.

The outage began at 5:30 a.m., leaving about 1.3 million of Puerto Rico's 1.4 million customers in the dark, according to Luma Energy, the private company that operates the system. Crews have begun restoring electricity in some areas, but it may take 24 to 48 hours to fully resume service, officials said.

Prolific debt issuance by Texas school districts, state issuers, and others drove muni volume to a state record in 2024, easily surpassing 2023's $59 billion.

Both IG and HY indices will likely end this year richer versus USTs and their benchmarks, "leaving very little cushion to absorb rate volatility," said Barclays strategist Mikhail Foux.

The resolution marks the end of a yearslong lawsuit.

"It's an unfortunate part of doing business," said an investor.

San Francisco's "tepid" recovery from the pandemic was cited by Fitch.