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News Now

Washington
Nine of 12 debt reduction committee members named
WASHINGTON (8/11/11)--Six senators and three Republican House members have been appointed to a 12-member Congressional Joint Select Committee on Deficit Reduction charged with creating more than $1 trillion in deficit reductions. The so-called “super committee” was created as part of the debt ceiling lift/deficit reduction agreement that was signed into law last week. It will examine tax policy and government spending priorities in a bid to reduce the national deficit. The super committee’s 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 Republican Senate picks for the super committee, which were announced by Senate Minority Leader Mitch McConnell (R-Ky.) on Wednesday, are Jon Kyl (R-Ariz.), Pat Toomey (R-Pa.) and Rob Portman (R-Ohio). Senate Democratic Leader Harry Reid (Nev.) appointed Sens. Patty Murray (D-Wash.), Max Baucus (D-Mont.) and John Kerry (D-Mass.). Murray will serve as co-chairman of the committee, Reid said. House Speaker John Boehner (R-Ohio) has named Jeb Hensarling (R-Texas) as the other co-chairman. House Ways and Means Committee Chairman Dave Camp (R-Mich.) and energy and commerce committee Chairman Fred Upton (R-Mich.) have also been appointed. House Minority Leader Nancy Pelosi had not announced her selections at press time. Credit Union National Association (CUNA) Vice President of Legislative Affairs Ryan Donovan has said that CUNA will closely follow events surrounding the super committee and continue to emphasize the positive impact that the credit unions have on the members and communities that they serve. Donovan has said that debate could ensue over whether the Joint Committee has the ability to look at tax expenditures as part of its role. He added that Boehner recently said there is "no appetite" among House lawmakers to look at increasing tax revenues. "We'll keep a close eye on this and will engage with the Joint Committee as appropriate," Donovan said, adding that "preserving the credit union tax status is absolutely the most critical issue CUNA works on."


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