WASHINGTON — The municipal securities market, still reeling from a handful of proposals President Obama and others offered during the last 14 months that pose the greatest threat to tax-exemption since 1986, may have a year’s respite due to partisan bickering in Congress and the forthcoming presidential election, according to tax experts.

But muni market participants are not writing the year off and vow to remain vigilant against any proposals to curtail or eliminate tax-exemption.

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