The House is scheduled to vote today on the continuingresolution agreed to last week that will fund the federalgovernment through Sept. 30.

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The $1 trillion spending plan, $40 billion less than the budgetfor the previous fiscal year, was agreed to by President Obama andHouse and Senate leaders last week.

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Lawmakers approved a stopgap measure which runs out Friday.

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If the House agrees, the bill will then go to the Senate,which could take it up later today.

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But these votes are the first of three big spending battles inthe months ahead.

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Lawmakers will also be asked to vote to raise the debt ceiling,probably next month. In addition, Congress and the Obamaadministration are working on the budget for the fiscal year thatbegins in October.

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The House is scheduled to vote Friday on a budget proposal putforth by Budget Committee Chairman Paul Ryan (R-Wis.), which callsfor extensive changes in entitlements such as Medicare andMedicaid. While that will likely pass the GOP-controlled House itfaces a more hostile environment in the Democratic-controlledSenate.

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In his speech Wednesday, Obama proposed cutting the deficit byboth cutting spending and raising taxes on high-income earners andeliminating some tax expenditures.

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He didn't specifically mention the credit union tax exemptionbut lobbyists for CUNA and NAFCU said they will remain vigilant andfight efforts to remove it.

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