WASHINGTON — State and local governments will save $12.3 billion on the $90 billion of Build America Bonds issued so far compared with traditional tax-exempt debt, the Treasury Department said in a recent report touting the success of the program.

The 11-page report, released Friday, also pushed back against some lawmakers who have complained that Wall Street banks are recouping high underwriters’ fees for selling BABs, saying that while BAB underwriting fees were originally higher, they have “declined significantly” over time and are nearing fee rates for tax-exempt debt.

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