The municipal market plays a crucial role in the infrastructure of the United States. The $4 trillion municipal market has been partially funded through the Federal government's provisions, which are currently facing uncertainty given recent budget reconciliation talks. The potential reduction of Federal funding, coupled with ongoing discussions regarding the tax-exempt status of municipal bonds, introduces fiscal considerations that warrant close examination. While a reduction in this funding poses potential credit risks, we believe that strong financial positioning and prudent fiscal management will allow most municipalities to weather these changes.