Senate GOP Kills Student Loan Reform
Earlier this week, President Obama took a series of steps to ease the burden of student debt. But the most important step, allowing students to refinance their debts, requires Congressional action. And we all know how much Congress likes acting. Sure enough, the Senate yesterday stopped this initiative in its tracks:
The 56-38 vote fell short of the 60 that would have been needed to advance to debate on the measure by Sen. Elizabeth Warren, D-Mass. Her bill would have let millions of borrowers, some with years-old debt and interest rates topping 7 percent or more, refinance at today’s lower rates.
The bill would have been paid for with the so-called Buffett Rule, which sets minimum tax rates for people making over $1 million.
‘‘With this vote we show the American people who we work for in the United States Senate: billionaires or students,’’ said Warren. ‘‘A vote on this legislation is a vote to give millions of young people a fair shot at building their future.’’
Only three Republicans voted for the bill while Democrats supported it unanimously (one missed the vote).
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By: Stuart Shapiro
Stuart is a professor and the Director of the Public Policy
program at the Bloustein School of Planning and Public Policy at Rutgers
University. He teaches economics and cost-benefit analysis and studies
regulation in the United States at both the federal and state levels.
Prior to coming to Rutgers, Stuart worked for five years at the Office
of Management and Budget in Washington under Presidents Clinton and
George W. Bush.
7 responses to Senate GOP Kills Student Loan Reform
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Shades June 12th, 2014 at 18:01
Way to convert College Republicans into democrats, GOP.
Shades June 12th, 2014 at 18:01
Way to convert College Republicans into democrats, GOP.
Jake June 12th, 2014 at 20:15
Dirty stinking elitist bastards.
fancypants June 12th, 2014 at 23:26
Republicans said the bill wouldn’t have done anything to lower education costs or reduce borrowing, and they accused Democrats of playing politics by highlighting an issue that was bound to fail. ***** no examples how it would fail ******
‘‘The Senate Democrats’ bill isn’t really about students at all. It’s really all about Senate Democrats,’’ said Minority Leader Mitch McConnell, R-Ky. ‘‘They want an issue to campaign on to save their own hides this November.’’ ******** oh I spoke too soon It will make the democrats look better then the republicans ******
fancypants June 12th, 2014 at 23:26
[ Republicans said the bill wouldn’t have done anything to lower education costs or reduce borrowing, and they accused Democrats of playing politics by highlighting an issue that was bound to fail ] ***** no examples how it would fail ******
‘‘The Senate Democrats’ bill isn’t really about students at all. It’s really all about Senate Democrats,’’ said Minority Leader Mitch McConnell, R-Ky. ‘‘They want an issue to campaign on to save their own hides this November.’’
**** oh I spoke too soon It will make the democrats look better then the republicans ******
Greg Allen June 14th, 2014 at 17:05
Anyone with a student loan should hate the GOP as much as billionaires hate the Dems.
This bill would have really helped me.
The GOP chose to help millionaires instead.
And by “help” — just make them pay some taxes which is their duty, anyway.
Ron Luce June 14th, 2014 at 17:05
Anyone with a student loan should hate the GOP as much as billionaires hate the Dems.
This bill would have really helped me.
The GOP chose to help millionaires instead.
And by “help” — just make them pay some taxes which is their duty, anyway.