S&P Global Ratings cited longer-term concerns on Palisades wildfire-related liabilities in shifting its CreditWatch on Los Angeles Department of Water and Power to a negative outlook.

The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

Mayor John Whitmire said phased-in funding under an agreement with plaintiffs who successfully sued the city will help address a budget shortfall.

Housing advocates concerned about the fate of private activity bonds are working on strategies for getting PABs and tax-exempt munis off the table while Congress searches for ways to pay for tax cut extensions.

Both states' governors said they will appeal the FEMA denials, which comes amid concern the Trump adminstration is hobbling the emergency response agency.

"Settlor's remorse" is no justification for upsetting a settled order, SEC says.

The state, which lost its positive S&P outlook due in part to previous tax cuts, could have further reductions under a bill that survived the governor's veto.

Rep. French Hill and committee leaders urged House Ways and Means to protect tax-exempt municipal bonds as Congress gears up to tackle tax policy.

The Senate's move to rely on an untested accounting method for the reconciliation bill contributes to the lack of clarity around future deficits, the ratings agency said.

Issuers in Texas are wary of potential changes at the federal and state level that could impact their finances and ability to sell debt.

State lawmakers approved a trailer bill to last year's budget that aided Medi-Cal and provided funding to local governments affected by January's wildfires.

States could face some difficult times ahead, experts say.

Chris Hollins, the city's chief financial officer, said Texas anti-ESG laws are raising costs at the same time the city faces a structural budget deficit.

Congress leaves town for a two-week recess without settling a financial dispute with the District of Columbia over which budget they are allowed to use as the mayor's financial team announces plans to exercise a 2009 law that will boost a supplemental budget by 6%.

The lawsuit says Education Secretary Linda McMahon illegally decided not to honor the extension of previously approved COVID-19 relief grants. 

Draft reconciliation bill text could be released within the next few weeks, said Brett Bolton, vice president of federal legislative and regulatory policy at the Bond Dealers of America.

The vote advances a closely watched tax package.

In a 52 to 44 vote Wednesday, the Senate voted to confirm the nomination of President Trump's pick to lead the SEC.

Democrats on the House Ways and Means Committee announced a new bill that would restore the power of applying tariffs back to Congress amidst accusations of market manipulation and political ineptitude by the Trump administration.

The state, which has cut income taxes with more cuts scheduled, is on a path to a greater than 10% budget deficit in three years, say the legislature's analysts.