Deficit Reduction Hits Home

Every year Congress passes a budget for the federal government. And every year the government doesn't stick to it, so the deficit keeps growing and increasing the national debt.

Late Wednesday, Congress narrowly passed the Deficit Reduction Act, or DRA, which is intended to reduce the still-growing budget deficit by about $40 billion over the next five years -- about 2.5% of the projected $1.6 trillion in deficits over that same period.

The DRA calls for cuts to many areas, ranging from welfare to crop subsidies. There are two moves in particular that could affect many Americans, and these changes demonstrate both the good and the bad of the bill.

Student Loan Consolidations

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