"The scenario I think most likely is the municipal bond tax exemption, along with most other tax-expenditures, could be eliminated when lawmakers begin to take steps to seriously bring the U.S. debt-to-GDP ratio down," said Tom Kozlik, head of public policy and municipal strategy, HilltopSecurities. "The public finance community needs to focus on educating D.C. lawmakers about the benefits of the municipal bond tax-exemption while raising awareness for new elements."

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