WASHINGTON – Eighteen muni market groups are urging the Obama administration to exempt Build America Bonds and other direct-pay bonds from sequestration so the Treasury Department’s subsidy payments to state and local government issuers are not cut.

The groups, which include the Government Finance Officers Association, the Securities Industry and Financial Markets Association and the National Association of Bond Lawyers, made the request in a two-page letter  sent to officials at the Office of Management and Budget and National Economic Council.

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