NCUA employees and other federal employees could have their pay frozen if Congress approves a proposal announced today by President Obama.

The proposed two-year freeze, which must be approved by Congress, would apply to all civilian employees. The Obama administration contends it would save $2 billion during the first year it is in effect. The annual deficit is $1.3 trillion.

The budget approved by the NCUA for 2011 includes a 6.1% pay raise for employees covered by the collective bargaining agreement. That covers 80% of the agency's employees, and that three-year contract is up for renegotiation next year. The remaining 20% of employees are slated to receive a 3% increase, which was approved by the NCUA Board.