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News Now

Washington
Senate wraps up appropriations bill
WASHINGTON (3/11/09)—The Senate completed its work last night on H.R. 1105, the ominibus spending bill. Important to credit unions, the legislation includes language that removes a cap on the Central Liquidity Facility lending authority through Sept. 30. The $410 billion spending bill is meant to fund most of the federal government for the remainder of the year after. Unable to complete consideration of the appropriations bill last week, the U.S. Congress passed a continuing resolution through March 11 to keep the government going. The final legislation gives the CLF continued authority to borrow up to 12 times its capital and surplus, a formula that roughly equals $41 billion that could be borrowed to meet credit union liquidity needs. The bill also includes a $1 million appropriation for technical assistance grants by the Community Development Revolving Loan Fund through FY 2010. The spending package now goes to the White House to await President Barack Obama’s signature.


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