Both chambers of Congress this week return to DC after an extended August recess to face a growing number of potential crises prior to continued work to advance duel infrastructure spending packages. At the top of the Congressional priority list is avoiding a government shutdown with the federal government set to run out of funding…
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This morning, the House Committee on Ways and Means will host a hearing to “mark-up” or debate and amend the tax portion of the budget reconciliation package. This weekend, Chairman Richard Neal (D-MA) released the text for the revenue provisions, and the draft included a plethora of muni provisions, including ALL BDA, MBFA, and state and local muni priorities. Expected…
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This afternoon, Senate Majority Leader Schumer is expected to bring the bipartisan infrastructure agreement to the floor for a vote of cloture, a vote that would advance the agreement to debate in its current state without legislative text. This vote is expected to fall short of the needed 60 votes to advance. Senate negotiators continue…
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As Congress returns from a 2 week July 4th recess, it’s make or break time for infrastructure legislation in 2021. With only 8 legislative days left before the month-long August recess, this week should prove crucial in determining the next steps, including key muni bond provisions. The BDA and MBFA continue to press for the…
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A bipartisan group of 21 Senators has come to a soft agreement with the Biden Administration on a $1 trillion infrastructure package. While the deal has yet to receive support from Congressional Leadership, this is a promising step. The group plans to meet with the President this afternoon. The framework includes nearly $600 billion in…
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As noted yesterday, a bipartisan group of 21 senators released the latest infrastructure compromise, a $1 trillion package with nearly $600 billion of new spending. While light on pay-for details, the package did include some details on how the group plans to finance the plan, which includes a new direct-pay bond and references to increased private investment…
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Last night, a group of 21 Senators released their much-anticipated infrastructure compromise. The package comes with a price tag of $1.2 trillion dollars, including over $570 billion in new spending. The package allocates $110 billion on roads and bridges, $66 billion on the rail, and $48.5 billion on transit as well monies for Democratic priorities…
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Many questions remain unanswered as we enter the 6th month of infrastructure discussions with little tangible accomplishments achieved. While some compromise has been reached in recent weeks, frankly, both parties remain miles apart and the most likely outcome is an infrastructure spending bill passed via reconciliation with only Democratic votes. However, that as well remains…
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Following a White House meeting between President Biden and Senator Shelly Moore Capito (R-WV) yesterday afternoon, time is running out on hopes for a large-bipartisan infrastructure package. Key differences remain between negotiating parties such as what actually constitutes infrastructure and how to pay for such a large spending package. Following the meeting, Administration officials made…
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The Biden Administration has released its annual “Green Book,” which includes a plethora of proposed tax changes for the coming fiscal year. While many changes proposed in the Treasury document are historically ignored on Capitol Hill, these documents can be used as a road map for where the Administration’s priorities lie. Bond Components The “Green Book”…
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Today, the Municipal Bonds for America Council (MBFA) submitted testimony to the House Committee on Ways and Means and the Senate Finance Committee following recent hearings featuring municipal bond financing in the context of infrastructure. While the hearings covered a wide variety of funding and financing measures, bonds were at the center of many bipartisan…
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Early this week, news began to emerge from Capitol Hill that Senate Democratic Leadership may be shifting course in the short term on the size and scope of infrastructure spending for this year due to a budgetary time crunch. While details are still being worked out, at this time it seems that infrastructure may come…
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Yesterday, the Senate Finance Committee hosted a hearing titled, Funding and Financing Options to Bolster American Infrastructure. While the hearing covered a wide variety of funding and financing measures, bonds were at the center of many bipartisan agreements. The House Committee on Ways and Means will host a similar hearing later this morning. The MBFA…
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As part of its ongoing Infrastructure in America: Munis Since 1812 initiative to highlight bond-financed infrastructure, the MBFA is featuring a recent school bond issuance that helped finance substantial improvements in the rapidly growing Ashland-Greenwood Nebraska School district. The issuance was underwritten by member firm D.A. Davidson. Click the image below to learn more about…
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The Municipal Bonds for America Council hosted a “virtual fly-in” for Steering Committee members over the past week. The meetings focused on municipal bonds in the context of infrastructure financing and proved productive as both Congress and the Administration have begun to take concrete steps towards the introduction of a massive infrastructure package. The MBFA met with…
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During the ongoing MBFA fly-in this week, we have learned that the House Committee on Ways and Means is in the process of developing a hearing on infrastructure financing that will include a robust debate on the municipal market and the expansion of financing tools needed. The hearing, titled “Leveraging the Tax Code for Infrastructure Investment,” will…
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As the infrastructure debate continues and Congress moves towards taking its first legislative steps, the Biden Administration is signaling its willingness to compromise and strike a deal with Congressional Republicans. This week, the President is expected to host Leadership from Congress, both Republican and Democrat, in an effort to find common ground and a path forward to bipartisan…
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As Congress steps away from Washington for a two-week recess, President Biden continues to travel the country touting his Administrations Build Back Better plan, which includes a robust 2+ trillion-dollar infrastructure component. Following a late-week stop at a Philadelphia Amtrack station, the Biden Administration reiterated their current stance of working to strike a deal with…
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The Municipal Bonds for America council is planning a “virtual fly-in” for Steering Committee members starting this Friday. As infrastructure continues to move on Capitol Hill, members will have the opportunity to discuss these key muni priorities with DC decision-makers in the House, Senate, and in the Administration: Restoration of tax-exempt advance refundings; Expansion of…
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This afternoon, Senators Roger Wicker (R-MS) and Michael Bennet (D-CO) are expected to reintroduce the American Infrastructure Bonds Act, a bill that would create a new direct pay taxable bond in the mold on the Build America Bond but exempt from sequestration. Similar legislation was introduced in the House last week, the Lift Act,…
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