A report that is likely to be voted on this week by a presidentially appointed commission on deficit reduction recommends eliminating business tax expenditures including the tax exemption for credit unions.
The panel doesn't mention the credit union tax exemption by name but the report released today describes these expenditures as "another name for spending through the tax code."
The recommendations, which include cuts in the Pentagon budget, raising the retirement age and modifying the mortgage interest deduction, are aimed at cutting the deficit by $4 trillion by the end of the decade.
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