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News and updates

News and updates

FY2018 President’s Budget Proposal Expected Tues, 5/23

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The full President’s Budget Proposal for FY 2018 is expected to be released on Tuesday, May 23. Earlier this year, the Administration released the  America First “skinny” budget proposal as well as supplemental appropriations request for FY 2017.

Earlier this month, Congress passed the FY 2017 omnibus appropriations measure, which completed the FY 2017 appropriations cycle. The omnibus appropriations bill which provides fresh spending instructions for nearly every corner of the federal government. It formally appropriates more than $1 trillion in discretionary spending for FY 2017, in keeping with the spending limits agreed to last year. Additionally, appropriators absolutely rejected the Trump Administration’s supplemental FY 2017 request for $18 billion in cuts to domestic discretionary programs.

Office of Federal Relations will continue to monitor and report on developments on the budget front.

Student Loan Rates to Increase

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The cost of borrowing money from the federal government to pay for college will increase in the coming academic year.

The interest rates on new federal student loans are set to jump by more than two-thirds of a percentage point following the U.S. Treasury Department’s sale today of 10-year notes, which is the government security to which the rates are tied.

For new undergraduate student loans, the interest rate will increase to 4.45 percent, up from 3.76 percent.

The rate on direct loans for graduate students will rise to 6 percent from this year’s 5.31 percent.

And the interest rates on federal PLUS loans — both for graduate students or parents paying for their children’s education — will be 7 percent, up from the current 6.31 percent.

The new interest rates take effect on July 1 for the 2017-18 school year and are fixed for the lifetime of the loan. The changes today do not affect borrowers who already have federal student loans.

This week in Congress, May 8-12

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Here is a selection of Congressional committee activities this week.

MONDAY, MAY 8

RUSSIAN INTERFERENCE IN 2016 ELECTION

2:30 p.m. May 8, 216 Hart Bldg.

Subcommittee Hearing

Crime and Terrorism Subcommittee (Chairman Lindsey Graham, R-S.C.) of Senate Judiciary Committee hearing on “Russian Interference in the 2016 United States Election.”

TUESDAY, MAY 9

Senate Commerce, Science & Transportation

MARITIME TRANSPORTATION

May 9, 2:30 p.m., 253 Russell Bldg.

Subcommittee Hearing

WEDNESDAY, MAY 10

Senate Energy & Natural Resources

PENDING LEGISLATION

May 10, 2:30 p.m., 366 Dirksen Bldg.

Subcommittee Hearing

 

Senate Environment & Public Work

ENDANGERED SPECIES ACT MODERNIZATION

May 10, 10 a.m., 406 Dirksen Bldg.

Full Committee Hearing

 

Senate Health, Education, Labor & Pensions

FAMILY CAREGIVER SUPPORT/FDA REAUTHORIZATION

May 10, 10 a.m., G-50 Dirksen Bldg.

Full Committee Markup

 

Senate Homeland Security & Governmental Affairs

CYBERSECURITY THREAT LANDSCAPE

May 10, 10 a.m., 342 Dirksen Bldg.

Full Committee Hearing

 

Senate Budget

ADMINISTRATION’S ECONOMIC GROWTH POLICIES

May 10, 10:30 a.m., 608 Dirksen Bldg.

Full Committee Hearing

House Out, Senate Still Working

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The House is out for a pre-scheduled recess this week — and likely to do a victory lap about passing the AHCA last week — while the Senate continues to move through nominations, Russian investigations, and maybe health care reform.

Also last week, FY 2017 funding is finally secured, and Congress is beginning to take stock of how far behind schedule they are for FY 2018.  There are now only four-and-a-half months left before the new fiscal year begins on Oct. 1 – and that includes the month-long August recess. Typically, at this point in the Congressional calendar, at least one of the 12 standing appropriations bills has been marked up by committee and the House and Senate Appropriations Committees are well on their way to drafting the other standing bills.

However, there is no guidance for appropriators on the annual spending limits, which is something set up by the annual budget measurers, which has yet to be passed by the House and Senate. The House took a first step with the AHCA last week, but within hours of the passage of the House legislation, Republican Senators made clear they didn’t support the measure and would begin drafting their own version…and that might take a while…like August. 

President Donald Trump has yet to submit a full FY 2018 budget request, which is typically due in early February. While the President offered an outline of discretionary spending plans in March, his full budget is not likely to come before May 22, and even then, it is unclear how in depth the budget released might be.

Stay tuned.

Spending Bill Officially Signed Into Law

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The FY2017 omnibus appropriations package that was passed by both chambers earlier this week was officially signed into law by President Trump earlier today. His signature officially wraps up the FY2017 appropriations process, enabling the Congress and the Administration to now focus on FY2018, which starts October 1.