Yesterday, the Senate Budget Committee approved a fiscal year (FY) 2011 budget resolution. The annual budget process calls for a budget resolution, which acts as a non-binding roadmap for federal appropriations for FY11.

The resolution passed by the Committee call for $4 billion less in spending than was requested in President Obama’s budget request in February. The resolution assumes the cuts would come out of international relations, though this assumption is not binding.

In addition, the resolution maintains the majority of Pell Grant funding on the discretionary side, instead of funding the program through mandatory spending as requested by Obama. The resolution also assumes Congress will identify an additional $5 billion to cover the remaining shortfall for Pell Grant funding.

Next steps for the budget resolution remain unclear. It is likely the Senate will set aside the resolution to take up financial reform in the near future, but this is unclear. The House has not scheduled any action on similar legislation at this time.