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The Senate late last week passed 52-46 a Republican budget plan that would cut spending by $5.1 trillion over 10 years and give Republicans the opportunity to repeal Obamacare and increase defense spending.

The House also passed a similar agreement last week.

The Huffington Post reported that the budget provides more defense spending through the Overseas Contingency Operations fund by adding $38 billion to an already-allotted $58 billion. This increase in spending would make the Pentagon's budget $612 billion.

The House-passed spending plan sends an additional $20 billion to the Overseas Contingency Operations fund.

The Senate's budget agreement does cut spending for Medicaid, education and health care, The Huffington Post noted.

This spending budget is a framework for the appropriations process so it will not become law. The House and Senate will now meet together to reconcile differences on their spending plans, which will lead to the appropriations process of deciding how to fund specific government programs.

NAFCU will continue to follow this process for any impact it will have on credit unions.