Biden Administration

President Joe Biden Monday signed into law a $1.1 trillion infrastructure bill.

Local governments are still processing funds from the CARES and ARPA bills.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

By lowering the amount of private activity bonds needed to finance low-income housing, the provision would free up PABs volume for other projects.

President Biden had pledged to end the law that excludes residents of Puerto Rico from the federal supplemental security income program.

Assets ranging from airports, utilities and toll roads may come into play under P3 provisions in the infrastructure bill, which could attract public pension infrastructure investment.

The bipartisan infrastructure bill passed over the weekend, offering munis an indirect win by providing an influx of funds to state and local authorities.

Two major pieces of President Joe Biden's domestic agenda, which carry implications for the municipal bond market, advanced in the House Friday.

The municipal bond market is closely watching proposals from the House and the Senate to overhaul the SALT federal deduction cap.

Key institutional players like banks and insurance companies may have less incentive to buy tax-exempt munis if the provision becomes law.

The lack of inclusion of the muni market's priorities in the reconciliation framework sends a strong signal they're unlikely to be included in the final legislation.

The SALT deduction cap could be increased, suspended or repealed.

The tax on unrealized capital gains would be straightforward for securities that trade frequently, but less so for less-frequently traded assets like many munis.

Senate Banking Committee Chair Sherrod Brown said he expects President Joe Biden will release a combination of nominations to the board of the Federal Reserve at the time he unveils his decision on the central bank chair.

Transportation and transit projects would be eligible uses of ARPA funds under the bill, which also extends the deadline to spend the funds.

The fast pace of the Democratic negotiations may act in muni market's favor.

The $1 trillion spending bill could boost GDP by 0.2% by 2031.

Congress has until Halloween to reach not only a deal on a bipartisan infrastructure bill, but also a reconciliation deal. Without both, key muni priorities could vanish, says GFOA lobbyist.

The hires come as Congress is expected to pass a massive infrastructure bill that includes P3 provisions.

A fresh debate on the debt ceiling could come as soon as December, as Congress also faces deadlines on surface transportation and stopgap government funding.