President Obama’s deficit-reduction commission released a final report today that preserves proposals to end the in-school interest subsidy on student loans and eliminate all earmarks. The cuts, which were contained in a draft report released by the commission’s chairmen last month, would save taxpayers $21-billion in 2015. The report also calls for ending most tax expenditures and consolidating “duplicative” programs, including the 105 programs aimed at encouraging students to study science, technology, engineering, and mathematics. However, it also calls for directing some of the plan’s savings to “high-priority investments,” such as “increasing college graduation rates.” While its doubtful the report will garner the support of 14 of the panel’s 18 commissioners—a threshold required to guarantee the plan a Senate vote—its ideas could influence policy debates over the nation’s debt ceiling and the budget for the 2012 fiscal year in the coming session of Congress.
The Ticker: Deficit-Reduction Panel Calls for End to Earmarks and Subsidized Student Loans
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Deficit-Reduction Panel Calls for End to Earmarks and Subsidized Student Loans
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