Why were Democratic governors excluded from the White House event?

Reports indicate President Trump hosted only Republican governors at the customary NGA-related event, making Wes Moore uninvited alongside other Democrats. Critics say this breaks a bipartisan tradition that helps align policy and funding across levels of government. The White House has not outlined a detailed policy rationale beyond the chosen guest list.

How could this affect municipal bonds and state-linked credit?

If coordination slows, issuers may face delayed approvals and grant timing shifts. That can widen spreads, increase carry costs, and push offerings into thinner windows. Investors should monitor primary calendars, disclosure on grant milestones, and any covenant amendments tied to delivery risk through 2026.

What should Australian investors monitor in the near term?

Track US state budget checkpoints, federal grant notices, and procurement calendars. Review portfolio exposure by state and counterparty. If headlines about Democratic governors excluded persist, stress test revenue timing, increase cash buffers for projects with back-weighted draws, and consider AUD-USD hedges for US-linked cash flows.

Does this change existing laws or already approved funding?

No. The event changes the tone, not statutes. Approved programs and appropriations remain in place. The risk lies in slower guidance, reviews, or disbursements. Investors should read issuer disclosures for updated timelines and watch for any revisions to FY2026 execution or match-funding requirements.

Law and Government

February 10: Wes Moore Uninvited as White House NGA Meeting Turns Partisan

ByDanny Kontos February 10, 2026February 10, 2026

Wes Moore uninvited from the White House bipartisan dinner has turned the usually bipartisan NGA meeting into a one-party event. President Trump will meet only Republican governors, excluding Democrats such as Moore and Jared Polis. The move raises risks for federal–state coordination on programs central to 2026 budgets. That uncertainty can affect municipal issuers, infrastructure grants, and vendors tied to state projects. For Australian investors, US state policy friction can ripple into credit spreads, project timelines, and ASX exposure to US revenue.