Higher education in the United States has received much scrutiny in the recent past from the federal and state governments, the press and the general public. In response to this scrutiny, a number of blue ribbon panels have been formed to examine how effectively higher education is serving American society. In this article, I analyse the proceedings and impact of the most recent prominent panel, the Secretary of Education's Commission on the Future of Higher Education, commonly known as the Spellings Commission. I also briefly examine how the new administration of President Barack Obama is likely to affect colleges and universities in light of the global economic crisis.