The monolines had hoped that less-ravaged municipal bonds would shore them up.

单线保险公司曾希望受创程度较低的市政债券能够支撑它们。

And maintain a rainy-day fund in safer places, such as TIPS, certificates of deposit or highly rated municipal or corporate bonds.

把以防万一的资金放在比较安全的投资上，比如通货膨胀 保值债券、定期存单，或评级较高的市政债券或公司债券。

If you invest in real estate, commodities, municipal or corporate bonds, these risks matter to you.

如果您投资于房地产、商品、市政或公司债券，这些风险对您来说很重要。

So, we want to make sure that our message, that we protect that 100-year-old tax exemption on municipal bonds.

所以，我们要确保我们的信息，即我们保护 100 年历史的市政债券免税政策。

Now, again, if you are a US-domiciled investor, you might do that through municipal bonds and sometimes those will have tax advantages.

现在，如果您是在美国注册的投资者，您可以通过市政债券来实现这一点， 有时这些债券会有税收优惠。

We need to protect those tax-free municipal bonds that the cities can put out and we need to do more in our country to rebuild the infrastructure.

我们需要保护城市可以发行的免税市政债券，我们需要在我国做更多工作来重建基础设施。

And our ability to invest in infrastructure, water, sewer or roads using the tax-exempt municipal bonds is essential to America's prosperity and our ability to compete globally.

我们使用免税市政债券投资基础设施、供水、下水道或道路的能力对于美国的繁荣和我们在全球竞争的能力至关重要。