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Frank Shafroth
“It is inconceivable that Congress will not have to act early in the year on a technical reform bill,” Frank Shafroth, director of the Center for State and Local Leadership at George Mason University, said.
He said the “cataclysmic rush” to enact the legislation bore not even a remote comparison to the outreach and deliberations over the last tax reform legislation in 1986.
“Because the legislation will have such a signal impact on increasing the federal deficit and debt, it seems certain that interest rates will rise—thereby increasing the cost of debt issuance for not just state and local governments, but also schools and universities,” Shafroth said.