Originally published on Wed April 10, 2013 12:46 pm
UPDATE at 11:05 a.m. ET: Obama: Growing Economy, Shrinking Deficits Both Possible
President Obama unveiled his 2014 budget proposal Wednesday, calling it a "fiscally responsible blueprint" that can help grow the economy and shrink deficits.
The president said his plan addresses the debate about how to expand the economy while reducing government red ink: "This budget answers that argument because we can do both," he said at the Rose Garden.
The federal government each year gives needy college students billions of dollars they don't have to pay back — $34.5 billion to be exact. More than 9 million students rely on the Pell Grant program. But a new study says much of the money is going to people who never graduate.
Sandy Baum, an expert on student financial aid, has been leading a group in a study of the 48-year-old Pell Grant program. Their report, commissioned by the nonprofit College Board, confirms what many have known for years about grant recipients.