Following a White House meeting between President Biden and Senator Shelly Moore Capito (R-WV) yesterday afternoon, time is running out on hopes for a large-bipartisan infrastructure package. Key differences remain between negotiating parties such as what actually constitutes infrastructure and how to pay for such a large spending package. Following the meeting, Administration officials made it clear that they will proceed with robust action regardless if their Republican counterparts join, so we expect in the next few weeks for the next steps to be taken. A follow-up discussion between the two parties is scheduled for Friday afternoon.
As we noted last week, there are many scenarios in which infrastructure can be addressed over the next 6 months. Regardless of the legislative path chosen, the MBFA and BDA remain bullish for key muni priorities being enacted into law in 2021.
New Muni Co-Chair Announced
Yesterday, Rep. Dutch Ruppersberger (D-MD) announced that Rep. Jackie Walorski (R-IN) will replace former co-chair Steve Stivers (R-OH) who recently resigned his Congressional seat. The caucus remains vitally important to the promotion of municipal bonds in the House, including the recent reintroduction of legislation that would reinstate tax-exempt advance refundings, legislation that the group also introduced in the prior Congress.
The MBFA and BDA are planning outreach to the new Co-Chair and will continue to work with our partner in the House Muni Finance Caucus to promote municipal bonds in the contract of infrastructure.