DALLAS - Republican Kay Bailey Hutchison's weekend election to the U.S. Senate could mean more trouble for the Clinton administration budget and tax proposals, but will give the municipal bond industry a new ally on Capitol Hill.

Hutchison, 49, who has served as Texas' treasurer since 1990, could be sworn in as the state's first female senator as early as Monday after garnering two-thirds of the votes in Saturday's special election. She defeated Sen. Bob Krueger. who served on an interim basis after Lloyd Bentsen left the Senate to become Treasury secretary.

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