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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

US federal budget cuts

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Comment & Analysis

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

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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New York state reaches deal to boost tax take

US state finances begin to stabilise

Judge throws out Harrisburg bankruptcy filing

Policy heavyweights call for California tax cuts

Emanuel adds dose of realism to Chicago finances

Ohio rejects move to limit workers’ rights

Jefferson County files for bankruptcy

Showdown looms in Ohio over right to strike

State comptroller untangles Illinois’ debt woes

State moves to take control of indebted Harrisburg

US budget dilemma as taxes on rich expire

Hearing set on Harrisburg bankruptcy

State files objection to Harrisburg bankruptcy

Pennsylvania capital files for bankruptcy

US muni bond yields jump higher

Funding woes sap quality of US education

US states play tax contest to attract jobs

US states seek to privatise prisons

California to sell up to $8bn in munis

Alabama county reaches $3bn debt settlement