NAFCU presence felt as deficit talks progress

October 13, 2011

NAFCU presence felt as deficit talks progress

Today is the deadline for congressional committees to submit their recommendations to the deficit super committee on ways to find $1.2 trillion in savings, and NAFCU is continuing to ensure that credit unions have a voice in the process.

The super committee (or Joint Select Committee on Deficit Reduction), established under the debt-ceiling deal enacted this summer, is tasked with finding at least $1.2 trillion in deficit reduction. By law, each committee of the House and Senate must submit any recommendations it has to the super committee no later than today.

From the very start of the process, NAFCU lobbyists have been working to ensure super committee members are well-versed on credit unions' member-owned nature, their cooperative structure, volunteer leadership and focus on the daily financial needs of their member-consumers. The association will continue to defend the preservation of credit unions' federally tax-exempt status with great vigilance.

As this article went to press, Republican committees had yet to weigh in with their recommendations. On the Democratic side, however, House Minority Leader Nancy Pelosi, D-Calif., sent a letter Thursday to the super committee requesting that it find more than the $1.2 trillion minimum it is tasked to find, and to do so via a mix of more revenue and tax increases. Pelosi referred to this approach as "balanced" and one that offers "the best chance for bipartisan support within the Congress."

Recommendations from Democrats on 16 of the standing House committees were also submitted to the super committee, and though these include a wide range of ideas, they generally seek to protect Medicare and Medicaid from cuts and allow initiatives under the health reform law to proceed as outlined.

Democrats are also asking the super committee to find more revenue, whether it's in the form of lowered drug prices from the pharmaceutical industry or eliminating inefficient payments. Repealing tax breaks for oil companies, another proposal, would save an estimated $43 billion, Democrats say. A specific proposal from the House Financial Services Democrats would impose additional fees on big banks and license Internet gambling.

If a deal on the deficit is not reached by Nov. 23, automatic, across-the-board cuts go into effect to defense and domestic programs. Neither party is keen on that happening.

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