May 30, 2023

This week: Lawmakers work to avert debt ceiling crisis

US Capitol buildingThe House and Senate were both scheduled to be in recess this week, but lawmakers are expected to return to Washington to vote on legislation to avert a debt ceiling crisis. An agreement between the Biden Administration and congressional leaders was announced over the weekend and the House is set to vote on the measure as soon as tomorrow.

The Senate will take up the bill after House passage this week to try to enact the legislation before the government reaches the debt limit. Treasury Secretary Janet Yellen updated her prediction of when the U.S. would hit the ceiling to June 5.

The full text of the bill was released Sunday evening. There are six main pillars that address work requirements for certain government assistance programs, energy project permitting, clawing back some COVID relief funds and IRS funding, spending caps, and student loan repayments.

NAFCU will continue to closely monitor the negotiations and keep members informed of any changes to the legislative process. The association consistently warns lawmakers against inaction on issues that must be addressed to ensure certainty for consumers and credit unions and continuity in federal programs. The association will continue to engage with lawmakers and regulators on credit union priorities.

Stay informed with the latest insights from Washington through NAFCU Today.