House passes $85 billion budget deal

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Dec. 13, 2013 – The House passed an $85 billion budget agreement Thursday that would reduce the sequester while providing some $20 billion to $23 billion in budget reduction over 10 years, by a vote of 332-94.

The bill was introduced on Tuesday by Sen. Patty Murray, D-Wash., and Rep. Paul Ryan, R-Wis. The agreement now needs Senate approval before it can be enacted.

Budget conferees, led by Murray and Ryan, have been working under a Dec. 13 target for completing a budget deal. NAFCU is closely following developments on the budget for any impact on credit unions.

On Thursday, the House also passed H.R. 3304, the vehicle for the National Defense Authorization Act, by a vote of 350-69. If the negotiated deal is approved by the Senate, as is expected, Congress will have passed legislation funding the armed forces for the 52nd consecutive year. NAFCU noted no changes in 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.

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