Congress, White House reach debt ceiling, budget deal
Congress and the White House this week reached a two-year, $1.37 trillion budget deal that would suspend the debt ceiling to July 2021 and increase various funding levels. Both chambers are expected to pass the deal before members leave for August recess, the House yet this week and the Senate next week.
The president is expected to sign the deal.
Once Congress returns from recess, the funds will be divvied up across 12 bills, which will be passed individually or in small packages, rather than one large omnibus. However, this does not guarantee that there will not be another government shutdown as congressional leaders must still agree on how to allocate the funds. Current funding is set to expire Sept. 30.
NAFCU will continue to advocate for full funding for credit union priorities, including the NCUA’s Community Development Revolving Loan Fund, Treasury’s Community Development Financial Institutions Fund, various Small Business Administration business loan programs and more.
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