Budget

The governor of Puerto Rico has decided that the island cannot pay back more than $70 billion in debt, setting up an unprecedented financial crisis that could rock the municipal bond market and lead to higher borrowing costs for governments across the United States.

The Democratic presidential candidate Martin O’Malley wants to raise capital gains taxes. His rival Bernie Sanders seeks to tax stock trades and increase personal income tax rates.

Congressional Republicans announced Wednesday that negotiators have reached a deal to reconcile House and Senate budgets plans, which, if approved, would mark the first GOP budget in nearly a decade and the first joint congressional budget since 2009.