The Joint Select Committee on Deficit Reduction, or ‘super committee’, as it’s been dubbed, was tasked earlier this year with coming up with a plan to find at least $1.2 trillion in savings to reduce the federal deficit before November 23. The plan would have actually had to be released by midnight last night in order for the Congressional Budget Office (CBO) to score it. The Committee announced yesterday that they were unable to reach an agreement on a deal.
The next step in the process is that sequestration, or across the board cuts, will take place in January 2013. According to CBO, education funding could be reduced between 7.8 percent (in 2013) and 5.5 percent (in 2021) through sequestration and budget caps. In 2013 alone this would mean $3.54 billion in cuts to education.
Nancy Conneely, Public Policy Manager