Northeast

New York Gov. David Paterson held fast to his spending cuts and revenue proposals as the Legislature Monday evening passed a $4.61 billion emergency budget that will allow the state to continue paying its bills through April 25.

New Jersey Gov. Chris Christie’s budget philosophy is for the state and local governments to operate more efficiently with less revenue rather than increasing taxes or fees.

WASHINGTON — The Securities and Exchange Commission and the New York attorney general reached settlement agreements with investment adviser Quadrangle Group LLC and others for allegedly engaging in pay-to-play practices with state officials and their consultants to obtain investment business from New York’s pension fund.

Sen. Robert Menendez, D-N.J., yesterday joined the ongoing rum-tax revenue debate between Puerto Rico and the U.S. Virgin Islands by filing legislation that would limit subsidies to rum makers to 10% of a territory’s yearly rum-tax revenue.

New York Attorney General Andrew Cuomo Thursday recouped nearly $12 million for the Empire State from four firms and one individual connected to illegal investment actions of the state’s pension fund.

Fitch Ratings is considering slashing its rating on Beebe Medical Center in Lewes, Del., after a former staff pediatrician at the hospital was indicted on charges of rape and sexual exploitation.

New Jersey Transit yesterday approved a system-wide fare increase of 22% to generate $126.6 million of new revenue and help close the agency’s estimated $300 million fiscal 2011 deficit.

HARRISBURG, Pa. — The Harrisburg City Council Tuesday evening approved the appointment of three board members to the Harrisburg Authority, with the expectation that the new members will help the agency address its $282 million of outstanding incinerator debt.

HARRISBURG, Pa. — Harrisburg, Pa., Mayor Linda Thompson yesterday delivered her first state of the city address, pledging to work with stakeholders to tackle $282 million of outstanding incinerator debt and bring Pennsylvania’s capital city into fiscal solvency.

Massachusetts has $1.07 billion of private-activity borrowing capacity in 2010, with the state rolling over $482 million of unused PAB volume from 2009.