To The Relief Of Academe, Deal Is Reached To End Federal Shutdown

Career College Central summary:

  • After weeks of bickering and brinkmanship, Congress has passed legislation to reopen the federal government and raise the nation's borrowing limit, ending an impasse that disrupted research and education, and averting a debt crisis that could have devastated colleges and the economy at large.
  • The U.S. Senate passed the measure Wednesday evening, and the House of Representatives approved it a few hours later, despite opposition from a majority of that chamber's Republicans. President Obama then signed the bill into law, restoring the flow of federal funds to students and researchers, and allowing the reopening of the National Archives and other government facilities that academic researchers depend on.
  • Most important, the measure prevents a national default that could have caused interest rates on student loans to soar and spending on student aid and research to slow or even stop.
  • But the legislation provides only a temporary reprieve, setting the stage for another showdown early next year. In the meantime, spending on student aid and research will remain flat, at last fiscal year's levels.

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