Finance, investment and tax-related legislation

Issuers praised the bill's climate provisions while muni market participants said it's unlikely to significantly hurt demand for tax-exempt paper.

Republicans, who argue pandemic aid is partly to blame for inflation, have said the large aid packages came with too few guardrails.

The latest Congressional effort challenging the state and local tax deduction cap would stop the IRS from restricting state legislation that offsets the policy.

U.S. companies that will be affected by the new global minimum tax hold about 80% of the tax-exempt interest reported by all companies, business groups said.

Half of the infrastructure funding is going to the states, and cities should talk to their governors to ensure they see some of that funding, White House Infrastructure Advisor Mitch Landrieu told the National League of Cities Tuesday.

Washington state's future highway bonds would be bolstered by an additional revenue stream if the governor signs a bill approved by lawmakers.

Supported by the American Rescue Plan Act, signed into law almost exactly a year ago, cities "have come roaring back," the President said.

The American Rescue Plan Act helped cities avoid insolvency after the pandemic struck, some mayors said.

The U.S. Department of Transportation's budget swells to $140 billion from $80 billion with the omnibus and Infrastructure Investment and Jobs Act dollars.

The omnibus bill drops a controversial measure to claw back unspent state COVID funds and includes long sought-after language to ease the transition away from LIBOR.