Federal education spending could be slashed up to 8 percent in 2013 if lawmakers can’t agree on debt-reducing measures soon, according to an analysis by the nonpartisan Congressional Budget Office.
Failure by Congress’ debt-cutting supercommittee to recommend $1.2 trillion in savings by Nov. 23 is supposed to automatically trigger spending cuts in the same amount to accomplish that job.
Still, the same legislators who concocted that budgetary booby trap just four months ago could end up spending the 2012 election year and beyond battling to defuse it.…Read More