Sunday, July 2, 2017

States From Maine to Illinois Entering Full or Partial Shutdown

Few care or notice as America approaches it's Independence holiday. The failure to pass budgets from Maine to Illinois will not go unnoticed by the markets. Municipal debt markets are primed for a harsh reality check in the the second half of 2017. Meanwhile, politicians will press hard to pass a budget that includes numerous tax increases positioned to benefit the poor while saving lucrative public pensions.

Headline: States Miss Budget Deadline, Go Into Full Or Partial Shutdown Mode

New Jersey, Maine and Illinois are all facing at least partial government shutdowns after their legislatures failed to pass budgets. Washington and Alaska managed eleventh-hour deals to avoid a similar fate. Connecticut failed to pass a budget, but the state's governor stepped in with an emergency spending order.

The new fiscal year for these and 40 other states begins today.



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