WASHINGTON (11/15/12)--How to avoid falling off the approaching "fiscal cliff" was the subject of a White House meeting Wednesday that was attended by Credit Union National Association (CUNA)Chief Economist Bill Hampel.
"Fiscal cliff," of course, is the newly minted and widely used phrased used to refer to the effect of a number of laws which, if unchanged, could result in a tough combination of tax increases and spending cuts that could weigh heavily on economic growth starting in 2013.
Hampel said the meeting he attended was a forum to discuss generating grassroots support for President Obama's approach to addressing the fiscal cliff.
Hampel told News Now that the White House emphasized that the president wants to proceed with policy that would avoid raising taxes on the middle class or eviscerating government spending.
"The credit union tax status was not an issue at this meeting," Hampel said, "nor was the subject of later tax reforms raised during the Wednesday session."
The tax-exempt status of credit unions, in fact, has not been mentioned in any of the current tax reform discussions. However, preserving the credit union tax status is a top CUNA priority, and CUNA will remain engaged and vigilant as tax reform discussions move forward.