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Deficit dropping proposal fails to move forward
WASHINGTON (12/6/10)--A comprehensive deficit reduction plan that could trim nearly $4 trillion from the $13.8 trillion U.S. national debt over the next nine years failed on Friday to secure the 14 votes needed to move on to Congress. The deficit reduction plan gained 11 of a possible 18 votes. President Barack Obama in a statement said that he and his economic team would study many of the proposals contained in the plan in the coming weeks as they develop their budget and priorities for 2011. Credit Union National Association Vice President of Legislative Affairs Ryan Donovan said that CUNA "does not expect Congress to consider the Commission's report before the end of the year." The plan, which was developed by Obama's fiscal commission, advocated cutting military spending, increasing the retirement age from 67 to 69, and other spending reforms. Most importantly for credit unions, the plan recommended significant cuts in tax expenditures related to home mortgages, healthcare, capital gains, and dividends. The credit union tax exemption also fell under the broader umbrella of “tax expenditures.” The plan, however, did not mention the credit union tax exemption by name. Credit Union National Association (CUNA) President/CEO Bill Cheney said that the credit union tax exemption “is one of the best investments that this nation makes for the more than 90 million Americans that are credit union members. But if the Deficit Commission’s plan becomes law, that solid investment would be wiped out -- which would be disastrous for all consumers.”


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