After weeks of political posturing, the agreement reached by lawmakers to raise the nation’s debt ceiling contains some good news for low-income undergraduate students—and bad news for other education stakeholders.
With just hours left before the national debt bumps against its cap, emergency bipartisan legislation to allow the government to borrow more money faces one final test in the Senate. Expected passage there sends the bill to President Barack Obama, averting a potentially disastrous, first-ever government default and making a down payment toward taming budget deficits.
The legislation, which easily passed the House on Aug. 1, is virtually assured to clear the Senate shortly after noon Aug. 2 by a bipartisan tally. The White House promises Obama will sign the measure into law.…Read More