How Budget Cuts Could Affect You
Some 70,000 students enrolled in pre-kindergarten Head Start would be cut from the program and 14,000 teachers would lose their jobs. For students with special needs, the cuts would eliminate some 7,200 teachers and aides. The Education Department is warning that the cuts will impact up to 29 million student loan borrowers and that some lenders may have to lay off staff or even close. Some of the 15 million college students who receive grants or work-study assignments at some 6,000 colleges would also see changes. The 77-member Student Aid Alliance â¿¿ a coalition of universities and college professionals â¿¿ says the cost to a student could be as much as $876 annually in new fees, fewer work-study hours and reduced grants for students receiving federal aid.
Congressional trips overseas likely will take a hit. House Speaker John Boehner, R-Ohio, told fellow Republicans that he's suspending the use of military aircraft for official trips by House members. Lawmakers typically travel on military planes for fact-finding trips to Afghanistan or Pakistan, or other congressional excursions abroad.TAXES The Internal Revenue Service says tax refunds shouldn't be delayed because it won't furlough workers until summer. But other IRS services will be affected. Millions of taxpayers may not be able get responses from IRS call centers and taxpayer assistance centers. The cuts would delay IRS responses to taxpayer letters and reduce the number of tax returns reviewed, impacting the agency's ability to detect and prevent fraud. The IRS says this could result in billions of dollars in lost revenue to the government. JOBS ISSUES More than 3.8 million people jobless for six months or longer could see their unemployment benefits reduced by as much as 9.4 percent. Thousands of veterans would not receive job counseling. Fewer Occupational Safety and Health Administration inspectors could mean 1,200 fewer inspections of dangerous work sites.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV