Financial advisers to some of the wealthiest Americans see struggling Puerto Rico as an outlier in the $3.7 trillion local-debt market, leading them to add municipal bonds as the steepest federal tax rates in more than a decade loom.
Jacksonville, Florida, with the third most underfunded pensions of the largest U.S. cities, is considering an unprecedented solution that may preserve its credit rating at the expense of its utility’s.
California is moving to pay down debt and boost reserves after an economic rebound left it with the biggest surplus in more than a decade. Hawaii may increase spending on education. Officials in Florida, New York, Minnesota and Wisconsin are considering tax cuts.