Uncertainty in the international financial sector hung a question mark over Colorado’s financial outlook Thursday.
that Wall Street and federal regulators were working on a plan to stabilize another distressed institution, the San Francisco-based First Republic Bank. Earlier that day, Treasury Secretary Janet Yellen testified before the U.S. Senate that the nation’s banking system “Legislative economist Louis Pino acknowledged that the forecast couldn’t include the rapidly changing circumstances in the financial industry.notes that “whether this bank closure is a symptom of a larger problem remains unclear.
Prior to the bank failures, the legislative economists predicted the risk of a near-term recession was “receding,” though legislative chief economist Greg Sobetski declined to predict the odds of one. Each forecast expects to break the cap in subsequent years, though they differ on estimates of just how much. Under TABOR, the state needs to return excess collections to voters, though it can also ask voters to keep the money via an election.
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