Deficits

After failing to approve new revenue in a special session, lawmakers now must pass a fiscal 2019 budget without enough revenue to fund state priorities.

The state House approved a $22.5 billion general fund budget that relies on fees and tax increases to fund priorities like pension obligations.

Gov. John Bel Edwards called a special session for Feb. 19 in attempt to end a partisan stalemate that has stymied fiscal reform efforts for two years.

The stakes are high with two of the state’s general obligation ratings one notch away from speculative grade.

Gov. John Bel Edwards released a spending plan for 2019 targeting health care and higher education to bridge much of the deficit.

Gov. John Bel Edwards said lawmakers must agree to replace $1 billion in expiring revenues by Jan. 19 or he will cut the budget.

Moody's Investors Service also cited a structural deficit.

S&P dropped Alaska to AA amid dwindling budget reserves.

WEST HAVEN, Conn. -- The City Council approved bonding ordinances for both the $17.35 million financing of the city's accumulated deficit and the $133.25 million West Haven High School reconstruction.

City Council moved forward with a plan to refinance Meadville, Pa.'s debt burden at Wednesday's meeting following a gloomy discussion of current and upcoming infrastructure needs. Council will likely vote to on the refinancing plan at its July 19 meeting.

The Cambria County, Pa., Commissioners unanimously approved a 2016 audit presented by Wessel & Co. that showed the county paid down approximately $6 million of its general fund deficit.

WEST HAVEN, Conn. -- With the annual audit of fiscal 2015-16 now delivered to the city -- and showing the city's cumulative deficit rising by $500,000 to $16.8 million -- the long-discussed deficit financing plan to bond the deficit and pay it off over time is ready to go forward.

New York Mayor Bill de Blasio and City Council leaders agreed on an $85.2 billion budget.

Illinois spreads widened as investor confidence waned that the state can resolve its budget deadlock.

Illinois received two downgrades Thursday, bringing it closer to a junk bond rating.

Louisiana Gov. John Bel Edwards called a special session to continue work on the state budget.

Connecticut-based insurance behemoth Aetna confirmed relocation talks with other states.

Prospects are bleak for a breakthrough on Illinois’ two-year-old state budget stalemate.

Chicago's departing budget chief says budget gains will help the city resolve its pension problems.

Pennsylvania's proposed gambling expansion would have limited upside, said Moody's Investors Service.