Dear Commons Community,
Senate Republicans today blocked a bill that would have frozen student loan interest rates at 3.4 percent before they are set to double on July 1, 2012. In a partisan vote of 52 to 45, the Senate failed to reach the 60 votes needed to begin debate on the Democratic bill.
The Huffington Post is quoting Sen. Lamar Alexander (R-Tenn.) and a former U.S. Secretary of Education:
“In a show of just how much politics is driving the debate, Alexander repeatedly said that GOP presidential candidate Mitt Romney supports keeping the interest rate on student loans at 3.4 percent. “We agree with President Obama, we agree with Gov. Romney, we agree with the House of Representatives that it should stay at 3.4 percent,” he said. “The only difference is how we pay for it. They want to raise taxes on people who are creating jobs, while we’re still in the midst of the greatest recession since the Great Depression.”
How Sad! Millionaires First – Needy Students Second!