Midwest

A one-time infusion of higher-than-expected income tax revenues helped Illinois make a $2.7 billion dent in its chronic unpaid bill backlog but the the number is expected to again climb in the coming months.

An investor with a stake in $39 million of defaulted bonds issued for a failed artificial sweetener plant in Missouri dropped the underwriter's counsel from litigation and may be zeroing in on underwriter Morgan Keegan & Co.

Michigan Gov. Rick Snyder and GOP leaders have reached an agreement on spending targets for 2014, but Snyder said the $50 billion plan fails to address some long-term issues, including Medicaid and road funding.

Minnesota lawmakers wrapped up their work on a new two-year $38.3 budget late Monday approving a tax package that generates $2.1 billion in new revenue and provides aid for the Mayo Clinic's proposed makeover of its hometown.

The fiscal condition of Chicago, Cook County, and five other local government pension systems deteriorated in 2011 by $4.6 billion, bringing their collective unfunded obligations to $32 billion.

Top-rated Columbus Ohio will ask voters to approve $800M of new general obligation bonds in November to finance a five-year capital plan.

A proposed merger between Beaumont Health System and Henry Ford Health System was cancelled Tuesday.

Wisconsin Gov. Scott Walker reduced a proposed funding increase for the University of Wisconsin system in his proposed two-year budget by $94 million and recommended a tuition freeze.

Cincinnati Mayor Mark Mallory reduced the number of layoffs in his proposed 2014-2015 budget, as the city continues to wait a ruling on the lawsuit that has delayed a plan to privatize its parking system.

Lambert-St. Louis International Airport received a triple dose of good credit news last week when Moody's Investors Service followed Fitch Ratings in upgrading the airport's credit and Standard & Poor's revised its outlook.