Today, the bipartisan National Commission on Fiscal Responsibility and Reform released their final report, The Moment of Truth.

The report proposes ideas and solutions to bring the federal budget into primary balance in 2015 and improve the long-run fiscal outlook.

The Commission recommends that a cap on discretionary spending be put into place thorugh 2020. Higher education would be impacted by this cap. The intention of this recommendation is to hold spending to 2012 or lower than 2011 spending levels and return spending to precrisis 2008 levels in real terms in 2013. In addition, the recommendation limits spending growth to half the projected inflation rate through 2020.

Another recommendation by the Commission is to eliminate the in-school interest subsidy on federal loans. This would allow for the elimination of income-based subsidies for federal student loan borrowers and better target hardship relief for loan repayment.

A final vote on the report is expected tomorrow, Friday.