WASHINGTON - A top House tax committee lawyer suggested that state and local issuers would be foolish to either avoid Build America Bonds or issue them with all sorts of special call or redemption features because they fear Congress will stop providing cash payments to them in the future.

"If an issuer gives up anything to avoid the risk of Congress terminating [the payments] midstream, they are wasting state and local assets, the risk is so negligible," John Buckley, the House Ways and Means Committee's chief tax counsel, said Saturday. "The risk is about the same as Congress terminating tax exemptions for existing issues."

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