Deficit reduction panel meets next week

September 15, 2011

Deficit reduction panel meets next week

The Joint Select Committee on Deficit Reduction created to find $1.5 trillion worth of deficit reduction over the next 10 years is set to hold its third public meeting Sept. 22.

The hearing will include Thomas Barthold, chief of staff for the congressional Joint Committee on Taxation, as its sole witness.

Deficit reduction panelmembers reportedly met behind closed doors Thursday morning. That presumably was "unscheduled," as the panel has decided that all scheduled meetings will be open to the public.

So far, there have been two scheduled meetings – the hearing Sept. 8 and another held Tuesday. The first hearing dealt with committee rules. During this week's hearing, the panel heard from Douglas Elmendorf, director of the Congressional Budget Office.

Elmendorf provided an overview of the "history and drivers" of current deficits, and their impact, during the committee's Sept. 13 hearing. In his testimony, he briefly addressed the role of tax expenditures, calling preferential treatment for employer-based health insurance, retirement savings and home ownership the three largest such expenditures today.

NAFCU is closely monitoring the work of this "super committee" to ensure the preservation of credit unions' federally tax-exempt status in any final package of deficit reduction measures.

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