WASHINGTON - The $4 trillion fiscal 2016 budget request unveiled by President Obama on Monday includes several proposals applauded by muni market participants, including: a six-year, $478 billion transportation infrastructure plan; the creation of tax-exempt qualified public infrastructure bonds; America Fast Forward direct-pay bonds; and an increase in the annual issuer bond limit for bank-qualified bonds.

On the other hand, his renewed push to limit the value tax-exempt bond interest to 28% of a taxpayer's income, a new proposal to eliminate the use of tax-exempt bonds to help finance professional sports stadiums and a plan to impose a fee on big banks and broker-dealers, are drawing some opposition.

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