As Infrastructure Week ends, it’s sad to note that in the one area where all agree something must be done, there has been no progress.

The proposed city of Eagles Landing would take the heart out of the city of Stockbridge, Georgia, with no apparent accommodation for its outstanding debt.

After a quarter marked by increased interest in taxable issuance, strengthened state support for local credits, and rising demand from investors seeking shelter from volatility, the municipal market is adapting to its new tax law realities.

While there are aspects to the proposal that a municipal professional may admire, it’s not inherently obvious that the shift to a 20/80 split between federal and local funding will produce results.

The latest continuing resolution leaves state and cities with no clarity on federal budget variables that may affect their own spending plans. And the debt ceiling looms larger.

While the new tax law may portend a difficult year for the municipal market, higher short-term rates and low supply should propel demand in 2018.

First on the list is an infrastructure plan we can embrace fully – with clearly identified and unencumbered revenue streams from the Federal level.

Congress should look to municipal experts to make the case for revenue triggers as a way to allay concern that tax cuts will necessitate spending reductions.

While muni advocates may have an opportunity to defend private activity bonds and deductions favorable to the market, both Houses of Congress appear to be aligned on banning advance refundings.

Smaller hospitals and colleges and affordable-housing developers will be more challenged in distributing their bonds under proposed tax reforms.