Congress still stalled on stopgap funding
Sept. 27, 2013 – Lawmakers now have four days to agree on a federal government spending plan and prevent a federal government shutdown that would disrupt military operations, government benefit payments and pay for hundreds of thousands of federal government workers.
The House last week passed a Republican-backed, short-term continuing resolution to fund federal government operations through Dec. 15, but it also includes a couple measures – defunding of President Obama’s health-care law and continued sequestration, which was met with resistance in the Democratic-majority Senate. The bill is scheduled to be voted on today in the Senate, where it will be stripped of its provision to defund the health-care law. The amended bill will then be sent back to the House.
Also looming is the need to address the debit ceiling limit, which U.S. Treasury Secretary Jack Lew said in a letter to Congress this week would be exhausted on Oct. 17.
A debt ceiling hike vote was tentatively scheduled for this weekend, but Politico reported yesterday that House Republicans are considering postponing the vote on lifting the debt ceiling for a few days or even a week; wanting to first deal with funding the federal government.
House Republicans have discussed tying the debt ceiling with approval of the long-stalled Keystone XL oil pipeline, instructions for tax reform, a one-year delay of Obama’s health-care law and dozens of other items on lawmakers’ wish lists.
NAFCU is closely following debate in Congress on both the continuing resolution and debt ceiling and is remaining vigilant in stressing the importance of the credit unions’ tax-exempt status.
Credit union tax exemption economic study