WASHINGTON—The likelihood of another federal government shutdown with which credit unions might have to again deal with was reduced last week when the House passed the two-year, $1.37-trillion budget deal that also would suspend the debt ceiling to July 2021.
The legislation now heads to the Senate; the president is expected to sign it this week.
As current funding is set to expire Sept. 30, both chambers prioritized passing the budget deal before leaving for August recess. House members have returned to their home districts for the break; the Senate will be in session a few days this week to pass the legislation.
Once Congress returns from recess, the funds will be divvied up across 12 appropriations bills, which are expected to be passed individually or in small packages, rather than one large omnibus, NAFCU said.
Funding Sought
“Passage of the budget deal does not guarantee that there will not be another government shutdown as congressional leaders must still agree on appropriating the funds before the Sept. 30 deadline,” NAFCU noted.
NAFCU added that it will continue to advocate for full funding for credit union priorities, including the NCUA's Community Development Revolving Loan Fund, Treasury's Community Development Financial Institutions Fund, various Small Business Administration business loan programs and more.