WASHINGTON -- A new survey on the effects of the private-activity bond volume cap bolsters earlier findings that about half the states feel constrained by the cap, and most of those feeling the pinch are large states.

"The survey data indicate that the unified volume cap has placed an effective constraint on the issuance of private-activity bonds for about half the states," according to a recently issued report on the survey's findings. The survey was sponsored jointly by the Advisory Commission on Intergovernmental Relations and the National Bureau of Economic Research.

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