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An initial toll corridor would require $8.5 billion in upgrades, which would be financed by a new bond credit under a plan under consideration by Michigan lawmakers.

"We actually are increasing the odds — we can get a soft landing. That doesn't mean we're out of the woods," Harker said.

The rainy-day fund is currently at $904 million, but Gov. Joseph Lombardo's budget targets $1.6 billion in reserve by the end of the biennium.

"The large taxable refunding or combined transactions were accomplished earlier in the year when rates were relatively low," says John Hallacy.

Citi was barred from underwriting government bonds in Texas under a state law prohibiting contracts with companies that "discriminate" against the firearms industry.

Inflows returned as Lipper reported $775.006 million was added to municipal bond mutual funds in the week ended Wednesday after $361.649 million of outflows the week prior.

Michigan would funnel $200 million more into its rainy day fund and establish a new school budget stabilization fund under Gov. Gretchen Whitmer's proposal.

Connecticut residents would get an income tax cut and increased spending in education and workforce training under Ned Lamont's spending package.

U.S. Virgin Islands Gov. Albert Bryan Jr. also voiced concern about the EPA closure of an oil refinery in St. Croix.

The issue is important to lawmakers in high-tax states, and is also important to municipal issuers in those places who have said the cap infringes on their fiancial sovereignty.