Michelle Kaske

With two days left in Puerto Rico’s fiscal year, the cash-strapped commonwealth is struggling to pass a budget that would allow it to make payments on a $72 billion debt load that the island’s governor said is unsustainable.

The New York City Transitional Finance Authority Wednesday will competitively bid $300 million of building aid revenue bonds, including $100 million of taxable qualified school construction bonds.

The Securities and Exchange Commission reportedly is seeking documents from the Massachusetts’ Treasury Department in reference to its relationship with Goldman, Sachs & Co.

While municipal market professionals said they do not believe there is systemic risk in state and local government debt, there are underlying issues and credit challenges.