In case you havenâ€™t been watching the news the White House released their proposed budget for 2007. While it still has to be approved by Congress, the initial proposition contains the first cut in education spending in nearly a decade. Among the cuts affecting college students are Perkins Loans, which the President proposed be cut entirely from the budget. However the White House plans to dump some of the savings into increasing Pell Grants.
Overall the cuts do little to subside the enormous amount of national debt the country is accumulating adding $423 billion to the deficit. This debt will most likely have to be paid off when we begin working, although Iraq, Katrina, and Afghanistan play major roles in spending habits.
[tags]budget, national debt, Pell grants[/tags]