WASHINGTON — Municipal analysts and market participants warned that the re-election of President Barack Obama and the status quo with a divided Congress will likely make threats to tax exemption more plausible.

When the Republican-led House and Democratic-led Senate return to Washington Nov. 13 after a six-week recess, they will immediately be faced with tackling the so-called “fiscal cliff” —  the $600 billion of tax increases and more than $1 trillion in automatic across-the-board spending cuts that are slated to go into effect on Jan. 1. 2013 — as well as the need for an increase in the U.S. debt limit.

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