The two groups joined a lawsuit filed by the American Beverage Association and others that seeks to block the restriction, set to take effect March 12.
The NCAA defended the decision, with spokesman Erik Christianson stating "schools have known since 2006" about the "serious penalties, including postseason restriction" for programs that did not meet set academic requirements.
In order for a fiscal union to work, national governments including parliaments would have to give up the right to set taxes and determine public expenditure independently and accept a restriction of national sovereignty in other areas of economic and social policy.
However, Mr Walsh said that "the new transport secretary has made it clear that she wants this issue addressed and has set up a smaller working group with immediate effect to see how quickly this restriction can be revised".