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Debt is a very common aspect of life in the U.S. If you own a house, you might be paying off a loan you used to buy it, and it could be years before you’ve finished doing so. Cities do this too for large public projects, except their debt frequently takes shape as municipal bonds.
The state budget that Gov. Gavin Newsom signed earlier this summer had been hastily adjusted to cope with projections that state revenues would plummet by tens of billions of dollars due to the COVID-19 pandemic and the sudden recession it sparked.
Thanks to Tropical Storm Isaias, the New Jersey Supreme Court could face an unprecedented question on Wednesday:
Gov. J.B. Pritzker said Monday that Illinois faces the prospect of having to make deep spending cuts over the rest of the fiscal year if Congress does not pass an economic relief package that helps states make up for the massive loss in revenue they’ve seen since the start of the COVID-19 pandemic.
Illinois Comptroller Susana Mendoza is adding her voice to those warning that the state will face dire consequences if the federal government does not approve an economic aid package for state and local governments.
When it became clear that the COVID-19 pandemic was going to wreck the state's tax revenue, lawmakers in Utah got out their scissors.
Hundreds of Seattle's city employees out-earned the mayor last year, according to a recent fiscal analysis of the city's salary data.
Colorado and South Carolina have pulled back from making additional payments to their underfunded pensions, moves that may play out in other states that are struggling to balance budgets as the coronavirus ravages tax revenue.
New Jersey Democratic Gov. Phil Murphy said Monday he's reducing the limit on indoor gatherings to 25% percent capacity, with a cap of 25 people down from 100.
The state comptroller projected Monday that Connecticut will finish the recently completed fiscal year with a $128.1 million deficit, adding that the future of the state’s economy will be dependent on federal action.