Texas has recently made a controversial move to terminate a 52-year agreement for a toll lane project on the State Highway 288. The termination, which was instigated by the Texas Transportation Commission on March 28, will come at a hefty cost of $1.7 billion to the Texas Department of Transportation (TxDOT). This decision has raised
Politics
As New York State officials extend the state’s fiscal 2025 budget deadline for the second time, challenges regarding education, affordable housing funding, and more remain unresolved. The new deadline, set for Monday, April 8, highlights the complexities faced by legislators as they work towards a final agreement. The delay in finalizing the budget may not
California lawmakers have been forced to make some difficult decisions in light of the state’s record deficit. The initial budget shortfall estimate of $38 billion provided by Gov. Gavin Newsom was increased to $73 billion by the Legislative Analyst’s Office in February. This prompted lawmakers to take action, resulting in a $17.3 billion cut in
The Environmental Protection Agency recently made an announcement regarding a $20 billion grant to support clean energy projects, specifically in underserved areas. This funding, which is part of the Greenhouse Gas Reduction Fund created by President Joe Biden, is the largest federal investment in climate-related projects to date. However, the program has faced criticism from
Once again, for the second year in a row, the Treasury Department’s Green Book has failed to mention tax-exempt municipal bonds in the Biden administration’s tax policy initiatives and proposals. This absence is particularly puzzling given President Joe Biden’s strong emphasis on infrastructure as a key focus of his administration and campaign for reelection. The
Meeting the infrastructure demands in the United States poses a significant challenge, especially when public debt alone is not sufficient to cover the costs associated with infrastructure projects and the transition to decarbonization. This issue was emphasized by Larry Fink, the CEO of BlackRock, a leading global asset manager. Fink highlighted the necessity of private
The progress on the multi-billion-dollar people mover project at Los Angeles International Airport faced yet another setback last week when Fitch Ratings affirmed the speculative-grade BB-plus rating on California Municipal Finance Authority’s $1.2 billion senior lien revenue bonds. This affirmation came as the project’s completion date was extended by another six months, adding to the
Following the recent gauge of U.S. manufacturing activity showing expansion for the first time since 2022, bond traders have adjusted their expectations for monetary policy easing by the Federal Reserve. The amount of Fed easing priced into swap contracts for this year dropped to fewer than 65 basis points, which is less than what Fed
A proposed $2 billion public-private partnership that sought to move two major league sports teams out of Washington D.C. and into a bond-financed arena in Northern Virginia has officially been called off. This decision came after D.C. Mayor Muriel Bowser and Ted Leonsis, the owner of the NBA’s Washington Wizards and the NHL’s Washington Capitals,
Amid criticism from lawmakers for not having a clear housing plan in place, Hawaii Governor Josh Green claims the state is making progress towards reducing recovery costs by transitioning people displaced by fires from hotels to permanent housing. Lawmakers have expressed concerns about the lack of a coherent budget for the costs associated with the