Senate Republicans block consideration of student loan bill

[Cigar]

The Senate shot down a proposal Wednesday to allow Americans paying off student loans to refinance at a lower rate, bringing yet another Democratic priority to a grinding halt.

The bill, authored by Sen. Elizabeth Warren, D-Mass., failed to clear a procedural hurdle that would have brought it up for consideration in the face of Republican opposition. It went down by a vote of 56 to 38. It would have affected an estimated 40 million people begin paying a lower interest rate on their loans, but never would have won GOP support because of the way it was paid for: a minimum tax of 30 percent on Americans earning between $1 and $2 million each year.

"Today is a really good day for billionaires. For the 40 million people dealing with student loan debt it wasn't such a good day," Warren said after the vote. "This raises the fundamental question, who does Washington work for? Does it work for those who can hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life?"

But Republicans called the bill a "political stunt" that would do nothing to help future students.

"The Senate Democrats' bill really isn't about students at all, its really all about Senate Democrats, because Senate Democrats don't actually want a solution for their students, they want an issue to campaign on to save their own hides this November," said Senate Minority Leader Mitch McConnell, R-Ky.

http://www.cbsnews.com/news/senate-republicans-block-consideration-of-student-loan-bill/


Huge Bi-Partisan Voting Block :laugh:

[Mr. Right]

It doesn't matter how much money someone has, taking even a little of what someone owns is still stealing.

[Peter1469]

Student loans should be dischargeable in bankruptcy.

That would solve the student loan problem.

[Venus]

..."This is not a serious proposal. It's not going to help people. College graduates don't need a dollar a day tax subsidy to pay off their loan. They need a job...and they're experiencing right now the worst situation for finding a job that they've seen in a long, long time," Alexander said....

How low did they want the interest rate? Aren't the rates pretty low to begin with?

They problem isn't the loan or the interest rate.

The problem is the kid going into college who shouldn't. And the ones who do make it can't find a job. Those are the problems.

[The Sage of Main Street]

Even these generic students create most of the absentee-owner billionaires' wealth. The plutocrats also treat the few talented ones with contempt in order to create an inferiority complex within them. You'd think it would create resentment, but the bullying attitude has worked because most meek geeks are intimidated into sacrificing their pride in order to make the rich richer.

[zelmo1234]

The Senate shot down a proposal Wednesday to allow Americans paying off student loans to refinance at a lower rate, bringing yet another Democratic priority to a grinding halt.

The bill, authored by Sen. Elizabeth Warren, D-Mass., failed to clear a procedural hurdle that would have brought it up for consideration in the face of Republican opposition. It went down by a vote of 56 to 38. It would have affected an estimated 40 million people begin paying a lower interest rate on their loans, but never would have won GOP support because of the way it was paid for: a minimum tax of 30 percent on Americans earning between $1 and $2 million each year.

"Today is a really good day for billionaires. For the 40 million people dealing with student loan debt it wasn't such a good day," Warren said after the vote. "This raises the fundamental question, who does Washington work for? Does it work for those who can hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life?"

But Republicans called the bill a "political stunt" that would do nothing to help future students.

"The Senate Democrats' bill really isn't about students at all, its really all about Senate Democrats, because Senate Democrats don't actually want a solution for their students, they want an issue to campaign on to save their own hides this November," said Senate Minority Leader Mitch McConnell, R-Ky.

http://www.cbsnews.com/news/senate-republicans-block-consideration-of-student-loan-bill/


Huge Bi-Partisan Voting Block :laugh:

I have an idea? lets make is so banks cam make student loans again so we have some competition in the market place and then the rates will go down. It will cost the government nothing and in fact will increase revenue as people go to the private sector, and pay off there high interest government loan.

Lets see who was it that changed that law? Oh yeah the democrats, another failure of trying to control everything.