Midwest

Budget season in Illinois kicked into gear this week with Democrats and Republicans trading barbs over the shape of the next budget and the how the state should deal with an projected $3 billion deficit due to the looming rollback of an income tax hike.

Detroit plans to file its long-awaited debt adjustment plan Friday.

The Michigan Senate was poised Thursday to approve a plan to give local governments $100 million to help with road repairs needed after the long winter.

The federal bankruptcy judge overseeing Detroit's Chapter 9 case heard arguments Wednesday from bond insurers challenging the city's effort to treat its unlimited-tax general obligation bonds as unsecured.

Regional Transportation Authority of Illinois board chairman John Gates announced Wednesday he would step down from the post at the end of his term in June.

The public district managing the $380 million renovation of the St. Louis Gateway Arch grounds is selling $56 million of sales tax appropriation bonds for the makeover project.

Lawyers for Detroit told the bankruptcy court Wednesday the city plans to file a motion proposing a new swaps settlement with UBS and Bank of America in the next three to four days.

Wisconsin has decided to expand its use of Kroll Bond Ratings Agency from its general obligation credit to include its master lease certificates of participation ahead of a $37 million sale set for Wednesday.

Seeking to lock in savings offered in the current market, Wisconsin took a step into new terrain last month by entering into a loan agreement with JPMorgan that will refund $278 million of debt next year.

Michigan Gov. Rick Snyder's proposed 2015 budget bodes well for the state's struggling local governments, Moody's Investors Service said Tuesday.