The Obama administration plans to recommend making a slightly modified version of the Build America Bonds program permanent in its budget proposal for fiscal 2011, said a representative of the Treasury Department. The proposal would expand the program's reach but reduce the subsidy to 28% starting Jan. 1. "Build America Bonds were an important new reform in the Recovery Act. They were successful in helping to repair a severely damaged municipal finance market, making much needed credit available at lower borrowing costs for infrastructure projects that create jobs," Treasury Secretary Timothy Geithner said.
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