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Last week, the House of Representatives passed a budget resolution and we expect the Senate will debate its resolution, and many amendments, this week. Below you will find a few status updates of where the budget process is and what’s next.
In the House of Representatives House of Representatives FY2018 Budget Resolution passed by a vote of 219-206. The resolution provides for $1.5 trillion of tax relief/reform over the next ten years. It also requires standing House committees to come up with $203 billion in savings over that 10 year window. The Financial Services Committee will have to come up with $14 billion in cuts and Ways and Means will have to come up with $52 billion.
Here at CUNA, we think it is unlikely these high numbers will survive a Conference between the House and Senate Committee.
In the Senate Like the House Resolution, the Senate’s Resolution also provides for $1.5 billion in tax relief over the next 10 years. As mentioned above, the Senate plans to debate the resolution and many amendments. In the markup there were 8 amendments adopted, and it is expected more will be introduced on the Senate Floor. Currently, none of the adopted amendments will directly affect credit unions.
What’s Next? Once the budget passes the full Senate (only 51 votes needed because it is concurrent resolution), a conference committee with House will kick into overdrive so a compromise resolution can be sent back to both bodies for final passage. There is no presidential signature required for the budget resolution.
The House and Senate are expected to act quickly due to the fact that tax reform will not be released or started in earnest until the budget resolution is completed.
Emergency Funding Moves Through House Appropriations Committee As anyone who has been watching the news for the last couple months knows, there have been devastating hurricanes and wildfires affecting a substantial number of Americans throughout the country. Last week, the House passed emergency funding of $36.5 billion for hurricane and wildfire relief and recovery.
The legislation closely mirrors the funding requests submitted to Congress from the administration and includes:
$18.7 billion for the Federal Emergency Management Agency’s (FEMA) Disaster Relief Fund (DRF)
$576.5 million for wildfire efforts
$16 billion for debt relief for the National Flood Insurance Program (NFIP)
The NFIP now needs additional funds to make necessary insurance claims payments to individuals. In addition, it includes a provision for the Disaster Nutrition Assistance Program (DNAP) to enable low-income residents in Puerto Rico to receive the same emergency nutrition assistance that other hurricane-affected states already receive.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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