State treasurers haven't given up yet on President Clinton. Although he disappointed them by failing to include provisions easing tax-exempt bond curbs in his economic package, they still believe he understands their problems with tax law impediments to issuing and buying municipal debt.

The members of the National Association of State Treasurers had been optimistic after a March meeting with Clinton, when they urged him to include bond provisions in the tax package he was putting together. But although the President was sympathetic to their concerns, that sympathy did not translate into concrete proposals.

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