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The Bond Buyer: Reconciliation revives tax exemption threat

03/31/2026

With the war in Iran going on in the background, turmoil at the airports, and Republican infighting, the possibility of getting both chambers to agree on anything seems remote. “It would be tough, but not impossible,” said Tom Kozlik, head of public policy and municipal strategy at HilltopSecurities. “There isn’t much bandwidth right now. And what it all comes down to, in my mind, is what was really driving the big, beautiful bill last year was the President.”

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