The House passed its budget resolution Wednesday evening by a vote of 218-212. 

The House and Senate Budget Resolutions begin the process of Budget Reconciliation by which Congress will likely consider the next COVID-19 stimulus package.  Reconciliation is a process by which Congress can expedite consideration of certain legislation.  In the Senate, reconciliation is not subject to the filibuster and only requires a majority vote rather than a 60 vote supermajority.  However, the scope of legislation is limited. Only fiscal maters may be considered.         

The House Budget Resolution includes a provision allowing the Financial Services Committee to spend $75 billion in reconciliation over a 10-year budget window.

The Senate has introduced their Budget Resolution  that would, in part, allow the Senate Banking Committee to spent $89.25 billion over the same window.

The House Financial Services Committee and Senate Banking Committee will begin the process of crafting legislation within the parameters of their respective reconciliation instructions.

CUNA will be engaged throughout the process advocating for credit union priorities.