Despite disparaging news from Senate Majority Leader Harry Reid (D-Nev.) early Thursday that a plunge off the fiscalcliff is unavoidable, Washington publication The Hill isreporting that President Barack Obama will offer a budget proposalto Senate Republicans within a day.

Obama returned early from his Christmas vacation in Hawaii toaddress the fiscal cliff, and reportedly called congressionalleaders along the way to discuss the topic from Air Force One.

Lending, liquidity and the tax exemption have been cited as waysthe budget deal, if and when it's reached, could affect credit unions.

Lame duck Sen. Scott Brown (R-Mass.) said in messages on socialmedia that he is eager to review the proposal, which could preventautomatic Jan. 1 tax hikes and federal spending cuts that could putthe U.S. back into a recession.

Obama has previously said he would seek to compromise on thebudget by extending Bush-era temporary tax cuts only for thoseearning less than $1 million annually, rather than the original$250,000.

The president also said he would move to increase the debtceiling and extend unemployment benefits.