WASHINGTON (9/6/11)—The first meeting of the Congressional Joint Select Committee on Deficit Reduction will take place this week when that group meets to consider proposed committee rules in the Rayburn House Office Building at 10:30 a.m. ET on Thursday. A hearing has also been set for Tuesday, Sept. 13 at 10:30 a.m. ET. That hearing, which will take place in the Hart Senate Office Building, is entitled: “The History and Drivers of Our Nation’s Debt and Its Threats.” Both meetings will be open to the public. Rep. Jeb Hensarling (R-Texas) and Sen. Patty Murray (D-Wash.) will serve as co-chairs of the committee, which was created as part of an agreement to lift the debt ceiling while making some budget cuts, has been charged with creating more than $1 trillion in deficit reductions. Committee recommendations will be subject to votes in the House and Senate. If both congressional bodies fail to approve the cuts, automatic spending cuts will be made. The other members of the committee are:
*Democratic House members Xavier Becerra (D-Calif.), Chris Van Hollen (D-Md.), and James Clyburn (D-S.C.); *Republican House members Dave Camp (Mich.) and Fred Upton (Mich.); * Democratic senators Max Baucus (Mont.) and John Kerry (Mass.); and * Republican senators Jon Kyl (Ariz.), Pat Toomey (Pa.) and Rob Portman (Ohio).
Credit Union National Association (CUNA) Vice President of Legislative Affairs Ryan Donovan said CUNA will be following the activity of this joint select committee closely because of the possibility, currently viewed as remote, that the credit union tax status could come under scrutiny. "CUNA will continue to emphasize the positive impact that the credit unions have on the members and communities that they serve," he added.