Northeast

Governor Wes Moore of Maryland opened the state's General Assembly with a challenge to cut $2 billion of a $3 billion overall shortage as a new administration in Washington ups the stakes by eyeing a rollback of climate change funding.

After years of delays, the Metropolitan Transportation Authority on Sunday launched the new toll on traffic entering southern Manhattan.

Brad Lander, the city comptroller, tallied the potential Trump administration threats to the city's federal funding, from infrastructure to hospitals.

It's the latest mark of distress for proton treatment centers financed with speculative-grade municipal bonds.

Westchester County, New York, plans to issue roughly $189 million in general obligation bonds, with Fitch Ratings giving the debt its top rating of AAA.

The muni market saw $507.585 billion of debt issued in 2024, up 31.8% from $385.061 in 2023. This surpasses the previous record of $484.601 billion in 2020 by more than $20 billion, per LSEG data.

The resolution marks the end of a yearslong lawsuit.

The $33 billion funding gap in the authority's five-year capital plan is too big, the Senate majority leader and Assembly speaker said in a rejection letter.

The budgeting constraints transformed the state's finances and bond ratings. But critics say the policy's downsides include the stifling of needed investments. 

Robert McDermott has joined the firm as a director.