Top Ten Videos to watch

Chicago Mayor Rahm Emanuel Addresses Police Misconduct At Chicago City Council Meeting
WWII Soldiers Standing In A Flag Draped Sunset - SIlhouette
Students Taking a College Exam
Hillary Clinton Campaigns In Louisville, Kentucky
Worried black businesswoman at desk
Tyler Perry And Soledad O'Brien Host Gala Honoring Bishop T.D. Jakes' 35 Years Of Ministry
Teacher with group of preschoolers sitting at table
FBI Officials Discuss Apprehension Of Explosions Suspect After Three-Day Manhunt
NFC Championship - San Francisco 49ers v Atlanta Falcons
US-POLITICS-OBAMA
Protests Erupt In Chicago After Video Of Police Shooting Of Teen Is Released
24673281
US-VOTE-DEMOCRAT-SANDERS
Nine Dead After Church Shooting In Charleston
Portrait of senior African woman holding money
Medicare
President Bush Speals At Federalist Society's Gala
Police
Police Line Tape
Senior Woman's Hands
Police officers running
New Orleans Residents Return to Housing Projects
David Banner
2010 Jazz Interlude Gala
Couple Together on Sidewalk
US-VOTE-2012-ELECTION
Police
Serious decision
HIV Testing
Closing Arguments Held In Zimmerman Trial
Leave a comment

As congress still works to agree on a debt limit plan that can satisfy both Democrats and Republicans, many Americans are wondering just how all these plans will affect their everyday lives.

House Speaker John Boehner’s Budget Control Act of 2011 is the current plan that congress will soon vote on. It is estimated to raise the debt limit by $2.5 trillion, and will reduce the deficit by about $915 billion, according to its revised version.

Here’s a little break down of what cuts will be made to some social services:

Social Security Administration

  • Benefits for SSI, Medicare and Medicaid would fall by $2.5 billion over the 2012-2016 period and by nearly $12 billion over the 2012-2021 period.

Health Care

  • Benefit outlays for Medicare, Medicaid, and CHIP would fall by $1.4 billion over the 2012-2016 period and by about $3.7 billion over the 2012-2021 period.

Student Loans

  • Eliminate the subsidized loan program for graduate students. Beginning July 1, 2012, the bill would eliminate the interest subsidy on subsidized student loans for almost all graduate students while a borrower is in school, in the post-school grace period, and during any authorized deferment period.
  • Eliminate loan repayment incentives. Beginning July 1, 2012, the bill would terminate, with one exception, the Secretary of Education’s authority to make incentive payments to borrowers to encourage the on-time repayment of their federal loans.
  • Cuts To Pell Grants. Significant cuts to student Pell Grants are also expected. Many college students rely heavily on Pell Grants to fund their higher education.

RELATED:

Obama Challenges Republicans To Raise Taxes On Wealthy

White House Threatens To Veto Boehner’s Plan

Also On News One: