The day before credit union trade associations met with a House Ways and Means Committee working group last week to talk taxes, President Barack Obama released his 2014 budget, which describes the credit union exemption as a "tax expenditure" worth $9.5 billion over four years.

That's more than twice the figure the Congressional Joint Tax Committee estimated in February when it set the exemption value at just $3.9 billion over four years.

Also Read:            GAO Puts 2011 Exemption at $1.1 Billion

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