As the budget reconciliation lurches through Congress towards a vote, the cap on state and local taxes remains a key bargaining chip while data shows state tax revenue declining and an uncertain future for the pass-through-entity workarounds adopted by more than 30 states.

Congress needs to lift limitations on tax-exempt private activity bonds, say transportation advocates.

The Phoenix-based university will not have to pay a $37.7 million fine after the U.S. Department of Education dropped its case.

"We have got to keep the money coming in to transit," said Sen. Elizabeth Warren D- Mass.

Some bills seeking to restrain local government debt issuance are still alive as the Texas Legislature's 2025 session heads towards its home stretch.

The bondholders and board faced off over the creditors' belief they they are due the administrative expense claim.

The macroeconomic boost from U.S.-China's 90-day pause on tariffs is partial and could prove temporary, S&P Global Ratings analysts said.

The U.S. loses its third triple-A rating as Congress works to pass a massive tax cuts and spending bill.

A deal on the state and local tax deduction cap remained elusive as of Monday morning.

Lawmakers have $755 million less to spend and only six more weeks to work on the two-year budget.