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Everything is on the table when lawmakers return next month to discuss deficit reduction, and NAFCU President Fred Becker is urging credit unions to use the current break to meet with and talk to their senators and representatives about preserving credit unions' tax exemption and allowing more member business lending.

The deficit reduction conversation is continuing in connection with the debt ceilingincrease package enacted by the president Tuesday. Besides raising the debt limit, the packageprovides for a corresponding amount of deficit reduction, up to $2.4 trillion. That includes $900 million in spending cuts over 10 years already designated and up to $1.5 trillion more to be drafted by a bipartisan, 12-member congressional panel.

Becker, in an e-mail to members, said everything – from spending to taxes – is open for consideration, and the final proposal will be fast-tracked through Congress for an up-or-down vote by Dec. 23. "Given this scenario, being vigilant about protecting the credit union tax exemption has never been more important," Becker said.

The House and Senate have scheduled pro forma sessions this month, butmost lawmakesare in their home districts; they are due to return Sept. 6. Becker urged credit unions to meet with lawmakers and their staffs during the interim to explain the importance of the tax exemption and to promote an increase in the credit union MBL cap as a tool to help facilitate economic recovery.

Credit unions will get another opportunity to discuss their concerns with lawmakers during NAFCU's Congressional Caucus, slated Sept. 18-21 in Washington. NAFCU members and nonmembers can register for the Caucus; the member rate applies to all this year to encourage more participation in an event expected to touch on a number of critical issues going forward.

For more on the Caucus, go towww.nafcu.org/caucus.