Midwest

CHICAGO — The political standoff in Minnesota over taxes between Democratic Gov. Mark Dayton and Republican lawmakers showed no sign of easing this week after the governor vetoed the two-year budget approved by the GOP-controlled Legislature and officials on Wednesday started planning for a possible shutdown.

CHICAGO — Detroit Mayor Dave Bing late Tuesday said he would veto a fiscal 2012 budget passed earlier in the day by the City Council that cuts more than $50 million from his $3.1 billion proposal.

Lawyers for Ambac Financial Group said the bankruptcy plan submitted by the Wisconsin insurance regulator was unacceptable, and the company intends to issue its own plan in June.

CHICAGO — Milwaukee will competitively sell about $250 million of general obligation debt Wednesday as it grapples with the impact of looming state revenue cuts proposed by Wisconsin Gov. Scott Walker.

CHICAGO — Michigan lawmakers are considering a package of bills to provide relief for local governments struggling to make debt-service payments on special assessment debt issued for failing developments.

CHICAGO — Illinois lawmakers entered the homestretch of their annual regular session this week facing a crowded agenda topped by budget questions, including whether to use borrowing to pay down bills — a debate that prompted a threat from the treasurer to call investors and warn them against buying state bonds.

CHICAGO — The Lansing Board of Water and Light will price $250 million of new-money utility system revenue bonds Tuesday to finance construction of a new natural gas plant in Michigan.

CHICAGO — Minneapolis has tapped its police department finance director, Kevin Carpenter, to serve as the city’s chief financial officer following the departure of Patrick Born earlier this year to lead the Metropolitan Council.

CHICAGO — Indiana’s Purdue University, one of the nation’s few higher education institutions with a triple-A rating, will price $45 million of refunding student facility system revenue bonds Tuesday.

CHICAGO — The Board of Trustees of Western Michigan University, one of the state’s largest colleges, is expected to enter the market by the end of May with $68 million of mostly new-money debt.