Politics

Maryland's comptroller reports the state is projecting a $189 million drop in general fund revenue due to the unfolding effects of the One Big Beautiful Bill Act, which could result in the state decoupling from federal tax laws.

Gov. Michelle Lujan Grisham ordered lawmakers back into session to mitigate the impact on hospitals, Medicaid, and other programs from federal policy changes.

Several major cities are staring down budget deficits and credit downgrades as the effects of inflation and OBBBA trickles down while relationships with their states adds complexity.

The hire comes as more BAM clients are considering public-private partnership financing structures.

From leases for floating wind farms to projects nearly finished with construction, no offshore generation project is safe from the Trump administration.

The Trump administration's immigration policies are "undermining the country's ability to build infrastructure and construction programs," the Associated General Contractors of America said.

With Congress back in session the lobbying for infrastructure funding is heating up.

Nevada's audited 2023 financials were released more than two years after the fiscal year ended. The state controller says structural changes will reduce delays.

Differences between the Senate and House versions of the bill, which targeted cities and counties, could not be resolved.

Stephen Miran will take unpaid leave from and might seek to return to President Trump's Council of Economic Advisers, he said, raising conflict of interest questions in his nomination hearing for a seat on the Federal Reserve Board.

The Justice Department has opened a criminal investigation into Federal Reserve Gov. Lisa Cook and allegations of mortgage fraud, allegations that spurred President Trump to terminate her position on the Fed Board last week. Cook is challenging the president's authority to remove her in court.

The bill enjoys the support of local government and public utility groups.

The state has teed up a $21.5 billion, six-year transportation budget as it deals with the fallout from federal workforce cuts, a credit downgrade, and a feud with the Trump administration.

Controller Chris Hollins warned the city lacks sufficient reserves to deal with weather-related disasters in the face of reduced federal financial assistance.

Special budget sessions, falling tax revenues and provisions in the One Big Beautiful Bill Act are combining with tariffs and cuts to the federal workforce to create headaches for the states.

Data center projects, which are proliferating across the country, are taking advantage of tax breaks that can be costly for states and local governments.

Philadelphia's economy has been growing. But deep cuts Pennsylvania may impose on the regional public transportion system could have serious negative impacts.

Treasurer Brad Briner said the unused money was in state accounts for years.

The state will tap reserve funds, close tax loopholes and cut spending to address a more than $1 billion shortfall in its fiscal 2026 budget.

Federal Reserve Gov. Christopher Waller criticized his fellow Federal Open Market Committee members for not cutting interest rates in July, but said he is "hopeful" that easing monetary policy soon can keep the labor market from "deteriorating."