Build America Bond Prospects Grow Dimmer After Republican Gains
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The Republican landslide in U.S. House elections may derail efforts to extend the Build America Bond program, a part of President Barack Obama’s stimulus that has helped pump $158 billion into local public-works projects.
With the federally subsidized bond program set to expire at year-end, supporters are pressing for an extension in the lame-duck session of the Democratic-controlled Congress, which begins Nov. 15. Prospects will grow dimmer in January, when Republicans, who have called Obama’s $787 billion stimulus too costly, take control of the House and reduce the Democratic majority in the Senate.