Politics

California Gov. Gavin Newsom said lowered revenues from the so-called "Trump slump" forced tough choices during annual May revisions to his budget.

Rep. Scott Fitzgerald said PROMESA indicated PREPA needed to regain access to capital markets and suggested a deal with bondholders would aid this.

Federal Reserve Gov. Michael Barr said tariffs could have an outsize impact on small businesses and hardships could outlive the trade policy debate.

The agreement includes $12.6 billion in spending for the fiscal year that begins July 1 and an income tax cut estimated to cost $160 million.

Moody's downgrading of Maryland's credit rating is resulting in finger pointing among state lawmakers, questions about spending levels, and concerns about the state's spotless record.

The Federal Reserve chair said there is "room for improvement" in how the central bank conveys economic uncertainties to markets and the public.

Private investment is key to the train's future, said the CEO.

State officials called the one-notch rating cut to Aa1 with a stable outlook "a Trump downgrade" due to the state's heightened exposure to presidential policies.

The full legislative package could land on the House floor as soon as next week.

Federal Reserve Vice Chair Philip Jefferson said in a speech Wednesday that elevated tariffs will likely lead to inflation, but time will tell how impactful that spike in prices might be.