Municipalities Feel Pinch as Another Debt Market Falters
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Alarmed by the running turmoil in the debt markets, investors have refused to buy certain securities that not long ago many regarded as equivalent to cash.
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When the Washington area's housing market boomed at the turn of the century, so did local government spending. Now a cooler market is creating budget gaps in a region that until recently was spared leaner times.
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In many parts of the country, state and local governments are struggling to pay for roads, bridges and other projects because of rising construction costs.
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''Cash-advance'' shops are treading where other small-business lenders fear to go.
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People in Manchester and Glasgow feel most under financial pressure, but the bankruptcy hotspots are in the South.
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Hopes that healthy local economies might escape the force of a U.S. recession evaporated and fear gripped investors.
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Across the country, local governments are feeling a financial strain driven largely by the nationâs real estate downturn and some are considering higher taxes.
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NEW YORK -- Faced with a weak national economy and a worsening housing crisis, a growing number of states are confronted with severe budget deficits, forcing some governors to come up with creative -- some say risky -- budget gimmicks to find new sources of cash.
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A new read on foreclosure filings showed a double-digit drop for November, but don't expect the slowdown to last.
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Investors, frightened by the prospect of a new subprime mortgage crisis that could dwarf the write-downs of the last few months, sent markets lower.
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Many nations in Europe are now feeling an autumn chill of slackening economies and warnings of further market upheaval.
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Money is running out for some local governments who use pension funds to help pay for retired workersâ health care.
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Crippled credit markets earned some reprieve on Thursday as a key bank borrowing rate receded and the pace of deterioration in commercial paper issuance showed signs of abating.
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Creditors put more pressure on debt-soaked borrowers.
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A painful credit crunch is taking its worst toll on the already ailing housing market, while its impact on the rest of the economy so far seems limited, the Federal Reserve reported Wednesday.
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WASHINGTON -- A painful credit crunch is taking its worst toll on the already ailing housing market, while its impact on the rest of the national economy at least so far seems limited, the Federal Reserve reported Wednesday.
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Treasuries prices slipped on Wednesday  after a survey of regional U.S. manufacturing showed a sharp  recovery in early September, countering signs of softness  elsewhere in the economy.