Credit unions dodged a taxation bullet with the latest spending reduction package, but it remains to be seen how long their luck will hold.

On Aug. 2, President Obama signed legislation that cut spending and raised the debt ceiling, and at the insistence of congressional Republicans, didn't raise taxes or close loopholes.

However, the bill set up a 12-member House-Senate committee empowered to make recommendations for $1.5 trillion in additional spending cuts and possibly eliminate tax expenditures. That's where credit unions may have to play defense. 

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