Student Loans and FY2006 Budget Reconciliation (CRS Report for Congress)
| Release Date |
Revised Feb. 14, 2006 |
| Report Number |
RS22308 |
| Report Type |
Report |
| Authors |
Adam Stoll, Domestic Social Policy Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
The FY2006 budget resolution ( H.Con.Res. 95 , H.Rept. 109-62 ) contains reconciliation
instructions that require authorizing committees to report legislation to reduce mandatory spending
by $34.7 billion over a five-year period. Under these instructions, the House Committee on
Education and the Workforce is responsible for a reduction of $12.7 billion for FY2006 through
FY2010. The Senate Committee on Health, Education, Labor, and Pensions is responsible for a
reduction of $13.7 billion over that period. These committees were required to report reconciliation
recommendations to their respective budget committees, and each did so in October, 2005. The
Higher Education Act (HEA) reauthorization and budget reconciliation processes became
intertwined during the first session of the 109th Congress. Each of the aforementioned authorizing
committees marked up a comprehensive HEA reauthorization bill containing provisions that generate
substantial net savings in mandatory spending on the student loan programs. Many of these savings
provisions were included in committee reconciliation recommendations and in the reconciliation
bills that gained passage in each chamber ( H.R. 4241 and S. 1932 ). On
December 19, 2005, the House passed the conference report ( H.Rept. 109-362 ) on S. 1932,
the Deficit Reduction Act of 2005. On December 22, 2006, the Senate passed the conference report
with relatively minor amendments. The conference agreement, as amended, was passed by the
House on February 1, 2006. The President signed the Deficit Reduction Act of 2005 ( P.L. 109-171 )
into law on February 8, 2006.
