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Senate passes debt ceiling, budget deal
Lawmakers in the Senate Thursday passed the two-year $1.37 trillion budget deal before heading home for the August recess. The deal – which also seeks to suspend the debt ceiling to July 2021 – passed in the House last week, and the president is expected to sign it. Current government funding is set to expire Sept. 30 at the end of the fiscal year.
Once Congress returns from recess, the funds will be split across 12 appropriations bills, which are expected to be passed individually or in small packages, rather than one large omnibus. However, passage of the budget deal does not guarantee that there will not be another government shutdown as congressional leaders must agree on how to allocate the funds before the Sept. 30 deadline.
NAFCU will continue to advocate for full funding for credit union priorities, such as the NCUA's Community Development Revolving Loan Fund, Treasury's Community Development Financial Institutions Fund, various Small Business Administration business loan programs and more.
Stay tuned for updates as the appropriations process continues in September.
Credit Unions will have the opportunity to hear first-hand from decision makers on issues like federal funding during NAFCU's Congressional Caucus, happening Sept. 8-11 in Washington.