Midwest

Chicago Mayor Rahm Emanuel unveiled a balanced budget overshadowed by his dire warning that the city faces a "fiscal cliff" a year from now without state action on pension reforms.

Michigan Gov. Rick Snyder will take the stand as soon as Monday to testify in Detroit's historic bankruptcy case.

Chicago Mayor Rahm Emanuel unveiled a $7 billion 2014 budget Wednesday that relies on natural tax growth, spending cuts, savings from management initiatives, a cigarette tax hike, and increases in other fines and fees to fund new investments and erase $339 million of red ink.

With Ill. Gov. Pat Quinn, Chicago, other local governments, and bond investors all clamoring for action on the state's unfunded pension obligations, the General Assembly convened its brief annual veto session Tuesday with little indication that it is ready to tackle the issue.

More than a dozen additional Wisconsin issuers have recently disclosed that they can redeem their Build America Bonds and other direct-pay bonds because of sequestration-mandated cuts in their federal subsidy payments.

Detroit enters the most critical stage of its historic bankruptcy case Wednesday as the trial begins to determine the city's eligibility to enter into Chapter 9 protection.

Minnesota picked RBC Capital Markets to run the books on its upcoming Minnesota Vikings stadium bond issue with JPMorgan and Wells Fargo Securities serving as co-senior managers, according to the Minnesota Management and Budget office.

Underwriters, financial advisory and law firms interested in working on Illinois' bond deals over the next several years have until Nov. 4 to submit their qualifications to win a spot on in the state's updated pools.

Indianapolis-based City Securities Corp. is expanding its footprint outside the Hoosier State for the first time by hiring four new professionals who will operate a new municipal housing division.

Chicago last week officially unveiled its newest $1.3 billion runway under its ongoing $8 billion O'Hare Modernization Program.