God bless the United City States of America!
The emergence of a contemporary Hanseatic League is a tantalising prospect that is now within reach, writes Bruce Katz
US states of emergency
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Investors have begun to turn their attention towards the risk of default by state and local governments in the US amid signs that some regions face difficulties in curbing budget deficits, increasing the cost of public debt
Illinois rebuts Caterpillar over relocation plan
The company claimed it would have moved jobs from Japan to the state were it not for a recent increase in the corporate tax rate and its deep financial woes
California governor calls for tax rises
Jerry Brown implored voters to back temporary tax increases which he said would restore the state’s fiscal health
Wisconsin governor faces threat of recall
Opponents of governor Scott Walker are expected on Tuesday to present at least 720,000 names demanding a vote, well above the 540,000 needed
Judge lets bankrupt US town slash pensions
The case of Central Falls, Rhode Island, is being widely watched in the $4tn municipal bond market as a potential blueprint for other struggling cities
Moody’s gives Illinois lowest state rating
Agency has cut the state’s credit rating by one notch to A2 on concerns it is not taking sufficient steps to fix its financial problems
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US state budget gaps
As the US government faces its own funding crisis and politicians wrangle over stimulus funding and the federal budget, each government of the 50 states is grappling with the effects of the recession on their funds
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Small earthquake in Harrisburg
Sub-sovereign borrowers should always be responsible about the financial risks that they take on. And when things go wrong, they should still behave responsibly
Obama and munis: tax move raises job doubts
As a pure deficit-cutting move it warrants consideration – it was even suggested by Obama’s deficit reduction commission. But it’s a silly exercise in income redistribution
US municipal debt: on the brink
If they fail to forge a deal to avert the US’s largest ever municipal bankruptcy, will it be a canary in a coal mine for $3,000bn in state and local debt?
US pensions gap: Regions of rancour
Efforts to contain ballooning state deficits by curbing public sector workers’ benefits are polarising political opinion
Muni stress eases but investors stay vigilant
Fears of mass defaults may have receded but an overhang of concerns remains for the market
Brown leads California into ‘inevitable’ age of austerity
In trying to close a $9.6bn deficit, the 73-year-old California governor last week signed a budget into law that took the axe to cherished programmes
Austerity budget threatens crimefighters
California’s law enforcement officials are braced for the axe as cuts take effect
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