Mandatory cuts to domestic and defense spending are scheduled to take place March 1, but President Obama called on Congress to postpone the cuts Tuesday with a "smaller package of tax cuts and spending changes." The large-scale mandatory cuts, known as sequestration, were originally scheduled to take effect at the beginning of this year, but were postponed as part of the year-end tax deal.
Obama did not specify what types of cuts he'd like to see. Several higher education programs (although not the Pell Grant) would see cuts of 5.1 percent should the across-the-board spending adjustments take effect, and colleges report that federal research funding has already slowed as a result.
- Effects of sequestration are already felt at colleges and universities
- Fiscal cliff deal averts across-the-board spending cuts
- Spending cuts loom due to supercommittee failure
- Budget negotiators reach deal that would increase NIH spending, Pell Grant award
- Congressional deal would delay across-the-board budget cuts
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