Sen. Murray, Previous Supporter of Credit Unions’ Tax Exemption, to Co-Chair Powerful Committee Charged with Cutting Over $1.5 Trillion in Government Spending

Washington Sen. Patty Murray reports that she looks forward to “finding solutions for our economy and for our country” as co-chair of a new “super committee” charged with hammering out a massive cost cutting plan for Congressional approval.

Murray accepted appointment by Senate Majority Leader Harry Reid. House Speaker John Boehner selected Texas lawmaker Jeb Hensarling as Murray’s co chair.

Sen. Murrary has gone on record with the Northwest Credit Union Association (NWCUA) previously in support of credit unions’ tax-exempt status. There is no indication whether the tax exemptions are on the table as the committee begins its work. When pressed by the NWCUA’s Anthem for a comment, a media spokesman said the Senator would be “unable to comment in time for publication.” However, the spokesman encouraged further contact by the Association as the process moves forward.

The panel has until November 23 to recommend more than $1.5 trillion in cuts from budget deficits over the next 10 years. Congress then has a month to vote on the plan. Rules state that there can be no filibustering or debate; the Senate must vote the recommendations up or down.

The establishment of the committee is seen as an attempt to rebuild confidence in the government’s ability to improve the economy following Standard and Poor’s downgrade of America’s credit rating and the resulting volatility in the stock markets.

Sen. Murray joined two fellow Democrats on the committee – Finance Chairman Max Baucus and Foreign Relations Chairman John Kerry – in calling on members to “step beyond the partisanship and politics that have overwhelmed these discussions for months.”

Noting that “…these are the among the most serious challenges we’ve ever faced in the Senate,” the statement acknowledged that “Millions of Americans are struggling in this tough economy, working overtime to pay the bills, find a job, and find a way forward for their families, and they want this Committee to force the federal government to make similar sacrifices without the red hot partisanship and brinksmanship of the last months.”


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Posted in Economy, NCUA.