Market on Pins and Needles Over Congress' Tax Plan Action

Duff, Susanna
April 2003
Bond Buyer;4/11/2003, Vol. 344 Issue 31613, p6
Trade Publication
The municipal bond market of the U.S. may have to wait, before Congress makes a decision on whether to include in a tax bill all, some, or none of the U.S. President George W. Bush's proposal to eliminate shareholder taxes on dividends. But Congress could act to increase the Treasury's debt limit by April 11, 2003 � a move that could lead to a resumption in the sales of State and Local Government Series securities that are used by states and localities to comply with arbitrage restrictions when they advance refund their debt. Those possibilities emerged on April 9, 2003 when House and Senate Republican leaders appeared poised to try to push through both chambers a fiscal year 2004 budget blueprint that would allow each chamber to consider bills with differing tax cut amounts when they act on President Bush's 726 billion dollar jobs and growth plan.


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