House Budget Draft Calls for $330 Billion in Cuts for Higher Ed

The House Budget Committee released its blueprint for a sweeping reconciliation bill Wednesday that would allow for at least $4.5 trillion in tax cuts and slash spending by at least $1.5 trillion over the coming decade, Politico reported. The budget resolution directs the House Education and Workforce Committee to cut at least $330 billion over the next 10 years. House Republicans previously released a menu of potential spending cuts. That list included repealing former president Biden’s student loan forgiveness and repayment plans, increasing the scope and rate of endowment taxes, and requiring colleges to help pay back student loans. Higher education experts warned that the slashes could harm colleges, universities and the students they serve.