MIAMI — The environment of ­austerity in the federal and state capitols will have a jarring effect on funding for transportation projects, but could present an opportunity for tolling, increased public-private partnerships, or an infrastructure bank, market participants said Monday at The Bond Buyer’s 11th Annual Transportation Finance Public-Private Partnership conference.

The incoming Congress, which will include enough Republicans to control legislation in the House and to block bills in the Democratic-led Senate, brings with it “a very, very different dynamic” with regard to federal spending, said Emil Frankel, director of transportation policy at the Bipartisan Policy Center.

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