"As we proceed with the budget for the coming year, we need to recognize the importance of education programs and taking some of the fiscal burden off future generations by lowering the federal deficit," said Senator Collins. "My ‘Good News' amendment ensures that if federal revenues are better than anticipated because of an improved economy that those additional dollars would go to education programs and to reducing the federal deficit."
Senator Collins' "Good News" amendment relies on any greater than anticipated revenues identified in the Congressional Budget Office (CBO) Mid-Session Review Report. Twenty percent of the additional revenues, up to $10 billion, would be dedicated to education programs, such as the No Child Left Behind Act, special education funding, and the Pell Grant program. Eighty percent of the additional revenues would be used to reduce the federal deficit.
"It simply makes sense that if the economy does better than expected and federal revenues bounce back, that we should recognize the importance of education funding and reducing the deficit," said Senator Collins.
Between 1998 and 2001, the CBO's Mid-Session Review projected revenues that were greater than anticipated, averaging $64 billion each year. If 2005 additional fiscal revenues came in at this level, Senator Collins' amendment would direct $10 billion to education and $54 billion to deficit reduction. This would more fully fund the No Child Left Behind Act, which includes important educational programs such as Title I for disadvantaged students and school districts, the 21st Century Community Learning Centers for after school programs, and the Rural Education Achievement Program. The funding would also increase special education funding at a level that would facilitate full funding over the next six years, and increase Pell Grants for 4.8 million college students.
The amendment is cosponsored by Senators Edward Kennedy (D-MA), Lisa Murkowski (R-AK), and Mary Landrieu (D-LA).