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In addition, Pell Grants will end for another 100,000 students, and those getting them will only receive $5,500 for another year. Overall, $1.36 billion will be lost over several years.
Last August's Budget Control Act of 2011 established the Joint Select Committee on Deficit Reduction - aka Supercommittee.
After failing to agree on cuts by its self-imposed November 23 deadline, automatic reductions of $1.2 - $1.5 trillion will occur over the next 10 years, beginning in 2013.
Supposedly to be equally divided between defense and domestic programs, expect sustained military spending at the expense of gutting America's social contract. Either way, lost purchasing power means less spending, fewer jobs, and greater public anger than today's high levels.
Wrangling Over Extending Unemployment Benefits and Payroll Tax Cut
On December 31, both end unless congressionally extended and Obama agrees. On December 17, the Senate enacted both benefits through February 29, 2012. In addition, scheduled Medicare doctor reimbursement cuts were postponed.
Federally financed Fannie Mae, Freddie Mac and Ginnie Mae home buyers will pay an extra $15 a month on a $200,000 mortgage to cover the $33 billion cost.
However, House Speaker John Boehner opposed the deal, telling Meet the Press on December 18:
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