Deficits

Gloria's pointed comments about the county's responsibility caused a stir in the days since he delivered the speech, which sets the table for budget talks in coming months.

The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.

Major headwinds for the muni market include climate change, growing federal debt, shrinkage of the workforce, the impact of remote work, cybersecurity attacks, and political polarization. And they are poised to be costly for states and municipalities.

California Gov. Gavin Newsom reached an agreement with Democratic leaders on early deficit-reduction tactics.

The deficit last month was $659.6 billion, the third-largest on record and biggest since last June.

The budget included reduced capital improvement and GO issuance plans over the biennium.

Illinois closed Thursday on its second MLF borrowing as the program nears its expiration date.

Illinois expects to close by the end of the week on a three-year loan through the Federal Reserve at 3.42%, a steep penalty compared to the state's current trading levels.

Stephen DeGroat, Rockland County commissioner of finance, explains how the large suburban municipality north of New York City turned budget deficits into surpluses through deficit financing, staff reductions and closing a county-run hospital. Andrew Coen hosts. (14 minutes)

New revenue from a graduated tax without an accompanying long-term plan to tackle the state's fiscal woes won't solve them, the Civic Committee of the Commercial Club of Chicago warns.