Looming Cuts to Pell Grants Threaten College Students and U.S. Competitiveness

President Obama's new 2012 budget will seek to cut $100 billion in Pell Grant funding -- a plan that spells yet another blow to free federal aid for America's most financially needy college students.

It's all part of a $3.73 trillion budget the Obama administration unveiled today for 2012.

While the final details still have to be approved by Congress -- and pass muster with Republicans -- it appears certain that current and future students attending college in the U.S. can expect far less financial support from the government to pursue higher education.

And if the GOP has its way, even further cuts to the Pell Grant program are in store.