Lawmakers Gearing Up For Votes on Debt Ceiling/Deficit Reduction Package
The House is expected to vote tonight and the Senate could vote this evening or tomorrow on the legislative package aimed at cutting spending and raising the debt ceiling. Leaders of both parties were rounding up votes for the package, which the Congressional Budget Office today said could cut government spending $2.1 trillion over the next 10 years.
The spending cuts come in two parts, $917 billion immediately after the legislative package is approved and $1.3 in additional cuts recommended by a joint House-Senate committee and approved by lawmakers later this year.
Lobbyists for CUNA and NAFCU said today they would work to persuade the joint committee not to remove the tax exemption for credit unions. The committee must achieve savings through spending cuts but there is some talk that the panel may tackle tax expenditures as well.