WASHINGTON -- A top Treasury official yesterday sharply criticized an array of proposals by senators to liberalize tax law bond curbs and reiterated the department's overall distaste for tax-exempt financing.

But the Treasury might look favorably on some of the proposals -- including three that would would ease the arbitrage rebate requirement -- if modifications were made to lessen opportunities they present in their current form for engaging in arbitrage-driven deals, said Treasury Assistant Secretary for Tax Policy Kenneth W. Gideon.

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