We'll be back tomorrow at our usual time. But in the meantime, check out this post on our sister blog Ed Money Watch. In this item, our resident federal budget expert Jason Delisle explains how the new Pell Grant funding formula included in the student-loan reform legislation the House Committee on Education and Labor approved last week wouldn't necessarily guarantee students a rising Pell Grant each year. President Obama had proposed financing the program entirely through mandatory funding, meaning that spending for the program would no longer be determined through the annual appropriations process. The House bill, however, would ultimately continue to leave it up to appropriators to determine most Pell Grant funding as well as the maximum grant each year.

Stay tuned for more coverage of the House bill in the days ahead.