Obama Signs Bill Restoring TA; Congress Moves Forward on FY 2014 Budgets
March 26, 2013
President Obama signed a bill into law today to finance government operations for the remainder of the 2013 fiscal year, The Chronicle of Higher Education reported. The continuing resolution restores funding to the military Tuition Assistance Programs and limits spending on political science research.
Late last week, the U.S. Senate approved its budget blueprint for the 2014 fiscal year, reports The Washington Post. The proposal calls for $1 trillion in new taxes over the next decade and modest reductions in projected government spending.
The Senate budget measure would maintain the current maximum Pell Grant award; prevent the interest rates on federally subsidized student loans from doubling, from 3.4 to 6.8 percent, on July 1; roll back the increased loan origination fees set forth by sequestration; and expand access to the Income-Based Repayment program.
In contrast, the House of Representatives adopted an anti-tax spending plan that calls for radical reductions to government programs. The House budget proposal would freeze the maximum Pell Grant at $5,645 for the next decade, consolidate federal job-training programs, and tighten eligibility for federal student aid. The plan would also do nothing to stop the loan interest rates from increasing later this year.
Congress now moves to direct negotiations to reach a deal on compromise legislation to fund the federal government for the coming fiscal year.
“I realize there are serious differences between the parties, and the last few years have been especially polarized here in Congress,” Senate Budget Committee Chairman Patty Murray (D-WA) said in remarks on the Senate floor. “We have presented very different visions for how our country should work and who it should work for ” but I am hopeful that we can bridge this divide.”
President Obama has yet to unveil his own FY 2014 budget, but is expected to do so early next month.
Related Links:
The Chronicle of Higher Education
https://chronicle.com/article/Obama-Signs-Bill-Restoring/138171/?cid=pm&utm_source=pm&utm_medium=en
The Washington Post
Michelle Cormier Mott
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