Q: President Clinton plans to unveil a major infrastructure bill next year that could include proposals to ease curbs on tax-exempts. Have you heard anything about what may be in the plan?

A: I think his interest is to continue to push some sort of a financing initiative. I'm less skeptical than I was since the revelations that have come out of [Washington Post reporter Bob] Woodward's book recently about the real dilemma that Clinton was faced with, in the last year or so, of trying to pursue a two-pronged agenda that was antithetical to both a strong budget deficit reduction initiative and trying to provide more funding in infrastructure financing. Obviously, we know which one won. I do know that there is some effort going on in the White House, headed mainly by the economic policy office, to try to reinitiate some sort of a new investment program in infrastructure, but they'll run up against the realities of the budget and it's going to be difficult.

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