City of New York, NY

The FHWA said it would start withholding project funds from Manhattan next month and later expand to other areas if the state refuses to halt its tolling program.

New York's capital needs mean the city cannot afford to be picky about market timing for bond deals, said Jay Olson, deputy comptroller for public finance. 

The city's Independent Budget Office projects New York's operating surplus as a percentage of tax revenue will fall to 4.8% at the end of the fiscal year.

The New York City Transitional Finance Authority plans to make an impact on the municipal market this month with $1.8 billion of bond sales.

The amount of toll revenue collected between the start date and Jan. 31 is in line with budgeted projections, Jai Patel, MTA's deputy chief financial officer, said.

The DOT cited the use of the tolls for transit as one of its reasons to terminate.

The scandals surrounding New York City Mayor Eric Adams may lead to his removal from office, but the city's bonds are still insulated from the fallout, analysts say.

New York Mayor Eric Adams, bolstered by lower-than-forecast spending on migrants, proposed a $114.5 billion budget for the fiscal year that begins July 1.

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

A hearing for four separate federal lawsuits seeking to block the congestion pricing plan is set for Dec. 20.