WASHINGTON — Rep. James Clyburn(D-S.C.) told credit union executives attending NAFCU's 2012 Congressional Caucus on Wednesday that he believed that Congress would resolve lingering debt reduction and budget impasses in time to avoid a series of  Jan. 1 tax increases and budget cuts dubbed sequestration and a "fiscal cliff".

"I am convinced if I were taking a bet we would not get sequestration," the assistant Democratic leader of the House said. "I think that all of us are well-educated enough to know that we cannot run the risk, therefore the lame duck session will be one where we do some short-term fixes for the problem."

He said options include three- or six-month continuing budget resolutions or similar continuations of the budget cut deadlines. 

Clyburn stressed, however, that the final form the legislation will take will not be visible until after the elections.

"What form will all of this take?" he asked. "Depends on November 6.  Based on those results people will get honest and serious about solving these fiscal problems."

 

 

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