WASHINGTON -- The apparent decision by the Bush administration and congressional leaders to abandon a major tax cut bill for this year is a blessing in disguise for state and local govenrments, the municipal bond market, and the long-term future of the economy.

The last thing anyone needs right now is a short-sighted, deficit-exploding, politically motivated tax cut that will do very little to stimulate the economy in the short run and is likely to damage it over the long haul.

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