WASHINGTON – The Senate has passed the Fiscal Year 2025 Budget Resolution by a vote of 51–48.
“Republicans are committed to restoring the economic prosperity experienced under President Trump’s first term,” stated U.S. Senate Finance Committee Chairman Mike Crapo (R-ID). “This budget resolution lays the groundwork to prevent an over $4-trillion tax hike on American families and businesses; to make those tax cuts permanent, providing the certainty businesses need to make long-term investments and the stability families need as they save for the future; and to provide additional middle-class tax relief.”
“Congress is taking smart action to strengthen America’s economy and repeal wasteful government spending,” said U.S. Secretary of the Treasury Scott Bessent in a statement. “By advancing this budget resolution, the Senate sends a strong signal to every small business and every working family: President Trump’s economic agenda will provide long-term tax certainty.”
Defense Credit Union Council Chief Advocacy Officer Jason Stverak noted the vote is another step in the budget and reconciliation process.
"We are happy no anti-credit union amendments were added in the late-night voting in the U.S. Senate," he said. DCUC would like to thank Senator (Alex) Padilla (D-CA) for proposing Amendment 1637, to protect the tax-exempt status of credit unions—a status that allows not-for-profit, member-owned institutions to better serve their communities, especially military families, and veterans. While the amendment was not voted on, it’s encouraging to see members of Congress recognize the vital role credit unions play in financial readiness and community impact. We stand ready to work with the Senator and others on a bipartisan basis to protect the credit union tax status throughout this process."