WASHINGTON (12/13/13)--One of the best things about the advancement of a two-year bipartisan budget deal, said Credit Union National Association Executive Vice President of Government Affairs John Magill late Thursday, is "a Congress not distracted by shutdowns is more likely to advance legislation benefitting credit unions, such as CUNA-backed relief from patent trolls, privacy act modifications and IOLTA legislation." IOLTA refers to Interest on Lawyers Trust Accounts.
It was widely reported last night that the House passed a two-year budget deal by 332-94, which dramatically reduced the likelihood of another government shutdown in 2014.
Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.) crafted the agreement. It sets discretionary spending at more than $1 trillion for the next two fiscal years. It also attempts to offset the impact of broad spending cuts—called sequestration--that went into effect in March (The New York Times Dec. 12).
"A shutdown government," Magill said, "cannot move forward on important relief measures for credit unions." He added this caution, however: "At the same time, we have to remain ever watchful of any movement on the tax front that could threaten the credit union tax status."