Yesterday, the bipartisan National Commission on Fiscal Responsibility and Reform released a draft proposal to reduce the federal budget deficit.

Among the recommendations in the proposal is to eliminate the in-school interest subsidy on federal loans and discontinue administrative cost allowances paid through the Pell and campus-based programs.

The Obama Administration is withholding comment on the draft proposal until the Commission releases final recommendations.

The Commission was created by President Obama to recommend policies to address the nation’s fiscal challenges and balance the budget by 2015. The Commission, which is made up of a bipartisan set of legislators and other fiscal experts, was charged to produce a final set of recommendations no later than December 1, 2010. A final report would rquire the approval of at least 14 of the Commission’s 18 members.