Financial strains from COVID-19 were the primary factor in downgrading the state to A-minus from A. The outlook was revised to negative from stable.

The state doesn't expect any short-term borrowing to cover the current fiscal year, Gov. Ned Lamont said.

Despite severe budget stress, the city and state can take some meaningful actions, such as reviving the restaurant industry, expanding the role of P3s and rebuilding multi-purpose infrastructure, analysts say.

Sales taxes are a pillar of the Texas state budget, and the usually stable revenue source has taken a hit from the COVID-19 pandemic.

The $500 billion SMART Fund would be divided equally into thirds based on population, COVID-19 cases and state revenue losses.

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

GASB said the delay comes in response to a number of requests because of the coronavirus pandemic, with some finance officers asking for up to an extra two years.

Gov. J.B. Pritzker laid out revised revenue estimates for the fiscal 2020 and proposed 2021 budgets.

The pending deal with a Bank of America-led syndicate would enable the commonwealth to draw down needed finds while tax revenues are deferred.

Illinois has spent about $170 million on coronavirus-related expenses so far, and Gov. J.B. Pritzker said more information on the budget impact is coming.

The rating agency affirmed its A3 rating of the state's general obligation bonds; the outlook revision affects $35.9 billion of debt.

Fitch follows Moody's in revising the Empire State's debt to negative from stable.

Moody’s revised its outlook on Illinois’ Baa3 rating to negative from stable; a university study warns of a worst-case $28 billion multi-year revenue hit.

South Carolina lawmakers set aside money for the state’s pandemic response but it’s also on hold along with the fiscal 2021 budget.

May is when budget talks usually get serious in California, which has a budget highly dependent on income and capital gains taxes.

New York’s new state budget provides flexibility to deal with near-term revenue hits from COVID-19, but it has little bandwidth to withstand a deep recession.

The deal to buy 200 million masks a month will help California's medical workers while pressuring its state budget.

The state's ratings are low investment grade, but the secondary market is pricing its bonds as high-yield.

Lawmakers granted Kevin Stitt authority to shift money where it's needed amid a coronavirus-driven fiscal crisis.

Gov. Ned Lamont said the federal rescue package will provide some flexibility even as state deficits mount.