Friday deadlines for defense, budget deals

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Dec. 10, 2013 – Naming Friday as the final workday of the year for the House, both chambers are working to present a budget deal as well as pass a defense authorization bill this week.

NAFCU is closely following developments on both the budget and defense authorization package for any impact on credit unions. It will pay particular attention to any provisions that would alter to the Servicemembers Civil Relief Act and Military Lending Act. Credit unions serving any military servicemembers are subject to the SCRA and are potentially affected whenever Congress revisits the MLA.

The Washington Post  reported that House Budget Committee Chairman Paul Ryan, R-Wis., and Senate Budget Committee Chairman Patty Murray, D-Wash., were finishing up a budget plan that will be presented this week. The two lead a conference committee that is working to reconcile two versions of a budget package before a new $20 billion sequester hits on Jan. 18 and to avoid another government shutdown – which could occur if a new agreement isn’t in place by Jan. 15. Reportedly, the agreement (still being drafted) may include a partial repeal of the sequester.

Both the House and Senate are poised to push through a defense authorization bill this week.

Related Links:
The Washington Post article
Defense credit union issues