Tom Kozlik from Hilltop Securities explores the effects of Washington variables such as political risk on states and localities. He also discusses rating agencies and muni disclosure. Paul Burton hosts.

A stratified credit differentiation can be expected to linger for the foreseeable future until revenue streams in sales-tax and other project-backed bonds are more fully restored. Pension obligation bonds are back in California.

Sales taxes are a pillar of the Texas state budget, and the usually stable revenue source has taken a hit from the COVID-19 pandemic.

The $500 billion SMART Fund would be divided equally into thirds based on population, COVID-19 cases and state revenue losses.

Mayor Eric Garcetti announced plans to furlough thousands of city employees because of coronavirus-driven shortfalls.

Fed officials also talk about the muni liquidity facility and efforts to help the economy in the wake of the COVID-19 pandemic.

Phil Murphy is developing an emergency borrowing plan to combat revenue loss amid the coronavirus pandemic.

Federal operating aid will help manage the Illinois Regional Transportation Authority's expected tax and farebox hits this year but storm clouds loom.