WASHINGTON - An extension of the Build America Bond program, which is set to expire on Dec. 31, was not part of the framework for a compromise tax bill that was agreed to last night by key lawmakers from both parties and administration officials, congressional sources confirmed Tuesday morning.
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Republicans have criticized the popular program, calling it a spending measure disguised as a tax program. They have complained that it encourages states and localities with lower credit ratings to borrow because their BABs have higher interest rates and they receive higher subsidy payments from the federal government.
Sen. Jon Kyl from Arizona, the top Senate Republican negotiator on the tax bill has been a particularly vocal opponent of BABs.
