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To win those contracts some bond contractors threw money at incumbents. one of these pay to play scandals involved the governor of new jersey back in 1993, jim florio, his chief of staff also ran, you guess it, a bond business. so a year later in 1994 the s.e.c. issued tough new rules to clamp down on corruption. bond dealers and any of their employees working to secure government bond deals now had a cap. ranging no higher than $250 on how much they could donate in races where the winner could influence bond dealers. bond dealers caught broking the deal were banned from doing business for two...

Budget repair bill must be approved by friday in order for the state to be able to refinance state bonds, a very critical part of trying to take on their budget deficit. their budget shortfall. in terms of what's going on today, a few changes. the state senate and state assembly are scheduled to be back in session here. the state senate, all eyes on that as they could not have a vote as they don't have enough voting members. and teachers are being told to go back to the classroom after several days out of class closing down many schools. >> yeah, and, kate, the part of this story, than the pas...

Ratcheting up the pressure here is the fact that walker's administration says that a key provision of his budget bill, if it is not passed by friday the state may not be able to refinance state bonds and they say that could only make things worse here in wisconsin. well, bus loads of union workers arrived moments ago. some are out here on the steps. others inside the state capitol here in columbus, ohio. the republican sponsoring this bill says the state is out of money. there is a billion dollar deficit and that this has to be done. the measure is not going to save money, however, it will g...

Message to any creditors of any states if they hear there's any sort of discussion about whether states will be able to file bankruptcy whether there's legislation on capitol hill or whatever. who is going to pick up any credit of the states if they think bankruptcy is coming? >> absolutely. one of the main reasons that munis -- municipal and state bonds sell they are considered safe. the state of california has never defaulted on a , ever. as soon as noise starts coming like bankruptcy, maybe then we can go to the creditors and force them to change the amount of money they going to get, it wi...

Does -- it sends a terrible message to any creditors of any states if they hear there's any sort of discussion about whether states will be able to file bankruptcy whether there's legislation on capitol hill or whatever. who is going to pick up any credit of the states if they think bankruptcy is coming? >> absolutely. one of the main reasons that munis -- municipal and state bonds sell they are considered safe. the state of california has never defaulted on a , ever. as soon as noise starts coming like bankruptcy, maybe then we can go to the creditors and force them to change the amount of mo...