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White House drops plan to scale back college savings plans

FILE - In this Jan. 20, 2015, President Barack Obama delivers his State of the Union address to a joint session of Congress on Capitol Hill in Washington. The White House said Tuesday, Jan. 27, it is dropping a proposal to scale back the tax benefits of college savings plans amid a backlash from both Republicans and Democrats. Obama made the proposal as part of his State of the Union address. It was part of Obama's plan to consolidate and simplify a sometimes confusing array of tax breaks for college students. (AP Photo/Mandel Ngan, Pool)

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