January 02, 2014

Congress to vote on $1 trillion spending bill

Jan. 3, 2014 – Congress is poised to consider and take action next week on a $1 trillion, 12-part appropriations bill in an effort to avoid another government shutdown, according to The Hill's On The Money Blog.

According to the report, appropriators hope to win passage in both houses by Jan. 16.

"The secretive process has members anticipating rushed votes when they return next week," the report said. "One House aide said some obstacles remain on both funding levels for specific projects and on some of the dozens of policy riders that have been proposed during the course of 2013. Still, the aide struck an optimistic note, saying talks are ‘going better at this point than many predicted.'"

The one-trillion-dollar mark was established by the $1.012 trillion spending cap in the budget drawn up by Sen. Patty Murray, D-Wash., and Rep. Paul Ryan, R-Wis., which President Obama signed into law on Dec. 26.

The appropriations package has little direct impact on credit union operations, but it does affect funding and guarantees provided by the Small Business Administration, which many credit unions use to maximize their small-business lending capabilities; NCUA's Community Development Revolving Loan Fund, which provides loans and technical assistance grants to low-income-designated credit unions; and the Treasury Community Development Financial Institutions Fund, which also works with low-income credit unions.

NAFCU will continue to monitor appropriations developments for any impact on the credit union industry.