In proposing to renew the Build America Bonds program, the Obama administration last week set an audacious goal: more benefit at the same cost.

As explained in numerous papers and reports the past few years, the federal government believes the tax exemption on state and local government debt is a costly subsidy that siphons to investors much of the largesse intended for municipalities.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.