Stimulus bill

As it tracks the spending of $4.6 trillion of pandemic funds, the GAO is also reviewing what some Republicans deem improper use of the funds by cities and states.

A twenty year-old problem is thwarting the influx of IIJA Funds.

Expanded use of stimulus funds, fully funded water infrastructure grant programs and housing assistance are among the asks from League of Cities as Congress crafts a 2023 spending package.

Republicans contend the $1.9 trillion injection of cash sparked inflation while Democrats say it saved lives and a collapsing economy.

Supported by the American Rescue Plan Act, signed into law almost exactly a year ago, cities "have come roaring back," the President said.

The omnibus bill drops a controversial measure to claw back unspent state COVID funds and includes long sought-after language to ease the transition away from LIBOR.

Thirty states would have been affected by the plan to claw back $8 billion in unspent ARPA funds to offset the FY22 appropriation.

States have appropriated 72% of the ARPA funds they have received so far and many state legislatures are developing plans to spend the rest.

Republicans warn about inflation while Democrats celebrate social program expansions.

The state's surplus is overstated and agencies can't handle the mountain of cash proposed in the May budget revision, state analysts say.

In California, where state revenues are pouring in well ahead of projections even before American Rescue Plan funds arrive, lawmakers have spending plans.

In the Southeast, almost $71 billion of American Relief Plan funds will be dispersed to state and local governments.

Political uncertainty will elevate bond price volatility for those issuers more dependent on fiscal support. Still, the broader market will benefit from support for education, transportation, and healthcare sectors.

Tax-exempt performance is dependent on what supply looks like versus taxables. The 30-day visible supply shows more than 30% taxables on tap, though some analysts say the taxable increase makes exempts more attractive.

It has become apparent that even more creativity will be necessary to pass legislation in the upcoming Congress. The only problem is we do not have the luxury of time.

The events of 2020 have only helped to intensify a range of potentially disruptive developments in the payment industry. As the central bank's digital currencies advance, how will the government and the private sector work together to bring projects to an effective conclusion?

The economy will bounce back and stimulus will be provided no matter who is in charge, R.J. Gallo says.