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The Senate on Thursday voted 64-34 to pass a bill suspending the federal debt ceiling until mid-May, which would give lawmakers and the White House more time to find agreement on how to address automatic spending cuts and other fiscal issues.

The president is expected to sign the measure.

If the new deadline arrives and there is no deal, the federal government faces a potential $85 billion reduction in spending authority for the year. Lawmakers are addressing deficit reduction in tandem with tax reform. As NAFCU Vice President of Legislative Affairs Brad Thaler noted earlier, everything is on the table, and "the credit union tax exemption remains at risk."

NAFCU is contacting lawmakers and talking to them on a daily basis about the value of the credit union tax exemption to all Americans, including credit union members and bank customers. The benefits of the exemption are detailed in NAFCU's landmark economic study of the exemption released last September. Credit unions are encouraged to download a copy and use it in their own contacts with lawmakers.

• NAFCU study of CU tax exemption