Lisa's Feed
Oct 24, 2013

U.S. SEC eyes mutual funds with Puerto Rico debt exposure

Oct 24 (Reuters) – Examiners at the U.S. Securities and
Exchange Commission have started reaching out to mutual funds
with exposure to Puerto Rican debt, a spokesman for the agency
said on Thursday.

“Our examiners are reaching out to firms per usual to get a
sense of their exposure and how they’re managing it,” SEC
spokesman John Nester told Reuters.

Oct 15, 2013

Charter schools could hurt U.S. city school districts-Moody’s

WASHINGTON, Oct 15 (Reuters) – The widening reach of charter
schools across the United States is raising red flags for credit
rating agencies about the financial support of urban public
school districts.

“Charter schools are now significant competitors for
public…school districts, particularly in older core cities,
where they have achieved substantial, double-digit growth in
enrollment,” said Moody’s Investors Service in a special report
on Tuesday.

Oct 13, 2013

U.S. Senate leader ‘confident’ fiscal crisis can be averted

WASHINGTON, Oct 13 (Reuters) – Senate Majority Harry Reid
said Sunday that he was engaged in negotiations with Republican
Minority Leader Mitch McConnell and was “confident” they could
resolve the fiscal crisis confronting Washington.

“We’re in conversation today,” Reid said on the Senate
floor.

“I’m confident that Republicans will allow the government to
open and extend the ability of this country to pay its bills.
And I’m going to do everything that I can throughout the day to
accomplish just this.”

Oct 13, 2013

Lawmakers hope Senate leaders can break fiscal impasse as deadline looms

WASHINGTON (Reuters) – Lawmakers voiced tentative optimism Sunday that fiscal crisis talks between Senate leaders would pave the way to a deal to avert a government default and reopen the government, but Democrats and Republicans remained far apart on details.

As the clock ticked down to a Thursday deadline for raising the U.S. debt ceiling, necessary to avoid a possible government default that would roil world financial markets, both Democratic and Republican senators said the fact their leaders were meeting represented progress.

Oct 13, 2013

U.S. lawmakers hope Senate leaders can break fiscal impasse as deadline looms

WASHINGTON, Oct 13 (Reuters) – U.S. lawmakers voiced
tentative optimism Sunday that fiscal crisis talks between
Senate leaders would pave the way to a deal to avert a
government default and reopen the government, but Democrats and
Republicans remained far apart on details.

As the clock ticked down to a Thursday deadline for raising
the U.S. debt ceiling, necessary to avoid a possible government
default that would roil world financial markets, both Democratic
and Republican senators said the fact their leaders were meeting
represented progress.

Oct 11, 2013

Federal funding in limbo, U.S. states weigh paying for programs

WASHINGTON (Reuters) – As the battle in Congress over the U.S. budget grinds on, states say they may soon have to choose between putting their own dollars into federal programs for residents or letting vitally important services such as food stamps lapse.

“States have thus far managed to avoid closing or suspending most programs and services by using carry-over funds or, in some cases, by using state spending to fill in for missing federal dollars,” the bipartisan National Governors Association said in a letter sent to congressional leaders on Thursday. “However, states are not in a position to be the bank for the federal government,”

Oct 4, 2013

Shutdown halts rebates on Build America Bonds, dents appeal

WASHINGTON (Reuters) – The inability of the U.S. Treasury to send Build America Bond payments to state and local governments during the federal government shutdown is the latest blow to hopes these securities might grow into an alternative to tax-exempt municipal bonds.

Taxable Build America Bonds, created in the 2009 economic stimulus plan, pay issuers federal rebates equal to 35 percent of the bonds’ interest costs. The rebates were so attractive that state and local governments rushed to sell $181 billion BABs in the 20 months of the program’s existence.

Sep 25, 2013

Shaken U.S. municipal bond market contracted in second quarter

WASHINGTON (Reuters) – Rising interest rates shook up the U.S. municipal bond market in the middle of the year, bringing a long run of refinancing to a halt and tempering new debt sales, Federal Reserve data showed on Wednesday.

The amount of outstanding municipal debt shrank in the second quarter to $3.721 trillion from $3.729 trillion in the first quarter and from $3.732 trillion a year earlier, the Fed said.

Sep 25, 2013

Shaken U.S. municipal bond market contracted in 2nd qtr

WASHINGTON, Sept 25 (Reuters) – Rising interest rates shook
up the U.S. municipal bond market in the middle of the year,
bringing a long run of refinancing to a halt and tempering new
debt sales, Federal Reserve data showed on Wednesday.

The amount of outstanding municipal debt shrank in the
second quarter to $3.721 trillion from $3.729 trillion in the
first quarter and from $3.732 trillion a year earlier, the Fed
said.

Sep 24, 2013

U.S. state tax revenues hit record highs in 2nd quarter -Census

WASHINGTON, Sept 24 (Reuters) – Tax revenues for U.S. states
soared to their highest in 25 years in the second quarter as
personal income tax collections reached record amounts, U.S.
Census data released on Tuesday showed.

Total state tax revenues rose 9.4 percent from the second
quarter of 2012 to $259.6 billion, the largest intake on records
going back to 1988 and the 15th straight quarter of increases.