Deficits

Phil Murphy is developing an emergency borrowing plan to combat revenue loss amid the coronavirus pandemic.

A successful closing on the unrated deal was needed to make payments on short-term notes due on Dec. 31.

Illinois Gov. J.B. Pritzker's administration says the forecast shows that Illinois needs to change its income tax structure.

Mayor Karen Freeman-Wilson said the city is forging ahead with the transaction to raise money to help pay its bills.

The U.S. Treasury Department announced plans to maintain record debt sales.

Poor returns piled another $2 billion onto Chicago's pension tab, but it won't add to the already $280 million contribution spike looming next year, according to its new CAFR.

Karen Freeman-Wilson says without the bond deal to leverage the city's public safety building, Gary will end the fiscal year $42.5 million in the red.

The mayor took the oath of office Monday and faces decisions soon about how to handle unfunded pension liabilities along with rising debt service and labor costs.

The federation endorsed the plan only after Gov. J.B. Pritzker dropped plans for a partial pension funding holiday.

While American politicians on both sides of the aisle have been mostly silent as the U.S. deficit swells toward $1 trillion and beyond, former Federal Reserve Chairman Alan Greenspan says the lack of attention won’t last.

The state's backlog of unpaid bills could skyrocket to $23.7 billion without budget changes, said a new report from Gov. Bruce Rauner's administration.

Toni Harp says New Haven does not intend to apply to Connecticut's oversight board despite budget struggles and deficit borrowing.

City officials want to avoid more draconian state oversight by the new Municipal Accountability Review Board.

The Illinois county plans a $175 million new money offering later this summer.

The nation's second-most-populous county faces “difficult choices," board President Toni Preckwinkle said.

Gov. John Bel Edwards objected to a spending plan that would impose cuts of more than 24% on most state agencies.

Gov. John Bel Edwards has called lawmakers to the capitol on May 22 to deal with the budget deficit.

Chicago suburb warns of "catastrophic” impact of state withholding funds.

The state’s net position of governmental activities eroded by $10.1 billion to reach a negative $141.7 billion.

With lawmakers failing to address a $1 billion budget deficit, S&P said “uncertainty about fiscal 2019 now looms over Louisiana.”