U.S. Rep. Jim Clyburn (D-S.C.) addresses NAFCU's Congressional Caucus on Wednesday.

WASHINGTON — Rep. James Clyburn(D-S.C.) told credit union executives attending NAFCU’s 2012 Congressional Caucus on Wednesday that he believed that Congress would resolve lingering debt reduction and budget impasses in time to avoid a series of  Jan. 1 tax increases and budget cuts dubbed sequestration and a “fiscal cliff”.

“I am convinced if I were taking a bet we would not get sequestration,” the assistant Democratic leader of the House said. “I think that all of us are well-educated enough to know that we cannot run the risk, therefore the lame duck session will be one where we do some short-term fixes for the problem.”

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