If President and Obama and Congress can’t resolve their differences and don’t raise the debt ceiling by Aug. 2, the $508 million Justice FCU plans to offer furlough relief loans to its 49,000 members and offer them the chance to delay loan payments.
“Supporting our members in financial stress is important to us,” said Pete Sainato, president/CEO of the Chantilly, Va.-based credit union.
President Obama and congressional leaders remain at odds about the composition of legislation that would raise the debt ceiling.
Obama has said he wants to reduce the deficit through a combination of spending cuts and tax increases while Republicans have said they won’t agree to raise any taxes.
Although the administration has said the debt ceiling must be raised by Aug. 2, Obama has said he would like an agreement reached by Thursday to give lawmakers enough time to write the legislation and get it passed in the House and Senate.