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FINRA has charged Crews and Associates $50,000 and its former head trader and CEO $30,000 for selling municipal bonds with markups and for failing to maintain a supervisory system.

A downgrade would reverberate throughout the municipal bond market.

The $2.6 billion infrastructure budget stands out as the state's largest ever; bond packages stalled in the previous two years amid political divisions.

The Investment Company Institute reported investors pulled another $137 million out of municipal bond mutual funds in the week ending May 17, after $290 million of outflows the previous week.

Municipal Market Analytics questioned Moody's swift revision of California's outlook to negative after Gov. Newsom's May budget revisions posted.

New York City is keeping a wary eye on Congress as it considers whether to pause a refunding deal set for next week.

The Oklahoma Turnpike Authority asked the court to approve $500 million of bonds to jumpstart funding for a $5 billion extension project.

Weakening revenues should be a red flag for states, particularly those planning tax cuts, said Lucy Dadayan of the Urban Institute's Tax Policy Center.

"While everyone is watching the federal government experience a debt crisis and come close to defaulting on our nation's debt for the first time in history, Miami's credit rating was just recently upgraded," said Mayor Francis Suarez.

The state-supported deal with Ørsted for a $1.6 billion wind farm off of Atlantic City's Coast is awaiting federal Record of Decision this summer.