Illinois will borrow $2 billion through the Federal Reserve’s short-term lending program that expires at the end of the year, Gov. J.B. Pritzker announced Wednesday. The state had been weighing how much to tap of the $5 billion in authority granted by state lawmakers in the spring when they signed off

Sen. Mike Crapo, R-Idaho, was a

COVID-19 related curbs on economic activity in Massachusetts triggered a downgrade on Wednesday from S&P Global Ratings, which lowered its rating on the commonwealth’s Series 2004 special obligation dedicated tax revenue bonds and Series 2005 revenue refunding bonds two notches to BBB-plus from A. The outlook is negative. “The downgrade reflects a

Federal Reserve officials discussed providing more guidance on their bond-buying strategy during their Nov. 4-5 policy meeting. “Many participants judged that the Committee might want to enhance its guidance for asset purchases fairly soon,” according to meeting minutes published Wednesday by the Fed. In addition, “most participants judged that the guidance for

The municipal market firmed Wednesday as it got ready for the Thanksgiving holiday and looked ahead to next week’s supply slate. IHS Ipreo estimates volume for the week of Nov. 30 will be $7.68 billion, up from the under $1 billion seen this week. The calendar is composed of $6.99 billion

The pre-thanksgiving feast of economic data released on Wednesday showed momentum seen earlier in the quarter is waning, according to one analyst, while another saw "malaise," as the number of coronavirus cases rises and governments add restrictions. “After the data today, it does appear as if the momentum from the start

Tower Health’s aggressive expansion, financed by a 2017 bond issue, has hampered the Pennsylvania nonprofit health system’s finances, and may be forced to sell some of its acquisitions. Tower has incurred more than $550 million of operating losses during the past two fiscal years, after acquiring five community hospitals throughout the

A divided Chicago City Council signed off on Mayor Lori Lightfoot’s 2021 budget that closes a record $1.2 billion gap with scoop-and-toss debt restructuring, a property tax hike and mix of other structural and one-time maneuvers as the city seeks to navigate the COVID-19 pandemic’s fiscal wounds. The council voted 29-21

Pennsylvania lawmakers’ use of $1.3 billion in federal COVID-19 funds to balance its fiscal 2021 budget came despite calls to target the money for those most affected. The legislature on Friday approved the backfill to balance the $35.5 billion spending plan, down 2.2% from the previous year. It is headed to

U.S. Treasury Secretary pick Janet Yellen has established herself as an ally to state and local governments seeking federal pandemic relief, and her background in labor economics leaves her well-positioned to quarterback President-elect Joe Biden's infrastructure-heavy economic agenda. Biden tapped the former Federal Reserve chairwoman for the Treasury post Monday,