New York State officials have extended the deadline for the fiscal 2025 budget a second time due to ongoing challenges in areas such as education and affordable housing funding. The latest deadline has now been set for Monday, April 8, with the likelihood of another extension looming as lawmakers prepare to observe the solar eclipse
Politics
California lawmakers have made significant modifications to their budget proposal for March, aiming to reduce spending by $17.3 billion to address a record deficit. The plan involves a combination of new revenue, internal borrowing, funding delays, and shifts in costs to other state funds. The proposal includes various cuts, such as eliminating vacant positions, reducing
The Environmental Protection Agency recently announced $20 billion in grants to support clean energy projects, with a focus on underserved areas. This marks the largest federal investment in climate-related projects to date. The grants are part of the Greenhouse Gas Reduction Fund, which was created as a part of President Joe Biden’s 2022 Inflation Reduction
The municipal bond market is facing a familiar scenario for the second year in a row, as the Treasury Department’s Green Book fails to mention tax-exempt municipal bonds in the Biden administration’s tax policy initiatives and proposals. This absence is particularly striking considering President Joe Biden’s emphasis on infrastructure as a key focus of his
The United States is facing significant infrastructure demands that cannot be met through public debt alone. According to Larry Fink, the CEO of BlackRock, a prominent asset management firm, investing in public-private partnerships and utilizing private capital will be crucial in addressing the infrastructure funding gap. Fink emphasized the importance of blending public and private
The recent affirmation of the speculative-grade BB-plus rating on California Municipal Finance Authority’s $1.2 billion senior lien revenue bonds issued for LAX Integrated Express Solutions’ people mover project by Fitch Ratings is a cause for concern. The delay in the completion date of the project by another six months raises questions about the project’s execution
The recent release of the ISM manufacturing data for March has caused a significant shift in bond traders’ expectations regarding monetary policy easing by the Federal Reserve. The report showed expansion for the first time since 2022, leading to a decrease in the amount of Fed easing priced into swap contracts for this year. This
Governor Josh Green of Hawaii has been under scrutiny for his handling of the recovery efforts following the August 8 Lahaina wildfires. Lawmakers have criticized him for not having a well-defined housing plan or a clear budget to address the costs associated with the wildfires. The lack of a comprehensive strategy has raised concerns among
A proposed $2 billion public private partnership that would have moved two major league sports teams out of Washington D.C. and into a bond-financed, built-from-scratch arena in Northern Virginia is officially off, following an announcement that the District has come to terms on a deal to keep the teams in their current home. The new
City Controller Chris Hollins has raised concerns about the financial implications of a proposed settlement with Houston’s firefighters. While Houston may be able to cover the initial costs of the settlement, Hollins warned that a revenue boost will be necessary to avoid a growing structural budget gap. With a projected shortfall of $160 million to