ANN ARBOR, Mich. – President Barack Obama called Friday for an overhaul of the higher education financial aid system, warning that colleges and universities that fail to control spiraling tuition costs could lose federal funds.

The election year proposal was also a political appeal to young people and working families, two important voting blocs for Pres. Obama. But the initiative faces long odds in Congress, which must approve nearly all aspects of the president’s plan.

Speaking to students at the University of Michigan, Pres. Obama said the nation’s economic future would depend in large part on making sure every American can afford a world-class education.

“We are putting colleges on notice,” Pres. Obama said. “You can’t assume that you’ll just jack up tuition every single year. If you can’t stop tuition from going up, then the funding you get from taxpayers each year will go down.”

Pictured: President Barack Obama speaks at the University of Michigan’s Al Glick Field House in Ann Arbor, Mich.

Pres. Obama Meets With George H.W. And Jeb Bush

WASHINGTON  – President Obama met with former president George H.W. Bush and former Florida governor Jeb Bush in the Oval Office on Friday, joining in a bipartisan gathering in an election year.

The White House said the three men enjoyed a personal visit in the Oval Office as they have in the past when the former president is visiting Washington.