New Senate Budget Committee Chairman Patty Murray, D-Wash. insists tax expenditures must be cut and other revenues raised for the fiscal 2014 budget in a letter and memo that are raising alarm among municipal market participants.

"This memo identifies the most significant conclusion that can be drawn from the facts as they stand today," Murray said in a two-page letter to colleagues announcing her intent for the committee to write its first budget resolution in four years. "We need to fight to make sure any budget deal we make is balanced, fair for the middle class, and calls on the wealthiest Americans to pay their fair share."

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