WASHINGTON -- Sometimes you have to take what you can get or face getting nothing at all.

Unfortunately, that is the situation facing the tax-exempt bond market when it comes to the continued use of mortgage revenue bonds and small-issue industrial development bonds. With virtually no chance that Congress will enact a major tax measure this year, the oultook for extending the Dec. 31 termination date for the tax exemption for mortgage bonds and IDBs, as well as the low-income housing credit, now appears as dim as the light reflected from the planet Pluto.

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