GOP blocks student loan bill

McConnell: Democrats want an issue 'to save their own hides this November'
Associated Press
Jun 12, 2014

Senate Republicans on Wednesday blocked legislation aimed at letting people refinance their student loans at lower rates, a pre-ordained outcome that gave Democrats a fresh election-year talking point against the GOP.

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."

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.

"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."

Student loan debt has topped $1 trillion and emerged as a drag on the economy and on middle-class families across the country, making it a ripe target for politicians ahead of midterm elections where Democrats risk losing their Senate majority. Wednesday's vote followed two days where President Barack Obama highlighted the issue from the White House, announcing executive action to let more borrowers to cap their monthly payments at 10 percent of their income and answering questions about the issue on the social networking site Tumblr.

The Obama administration said Warren's bill could have helped some 25 million borrowers save $2,000 each over the lifetime of their loans. It would have allowed people with older loans at higher interest rates refinance to rates below 4 percent offered today under a deal reached a year ago in Congress.

Three Republicans joined all Democrats in voting to proceed to debate on the bill: Susan Collins of Maine, Bob Corker of Tennessee and Lisa Murkowski of Alaska.

Some 40 million Americans have outstanding student loan debt totaling $1.2 trillion, making it the second-largest form of consumer debt, second only to mortgages, according to Warren's office. People 60 and older account for some $43 billion of outstanding student loan debt.

Comments

The Hero Zone's picture
The Hero Zone

Conservatives find a home at NASCAR races and UFC matches, and as a group, tend to be suspicious of any educational institution - as you obviously are.
- - - - - -

Muslims find a home at terrorist-training cells and prayer rugs, and as a group, tend to be suspicious of any non-Muslim infidel - as you obviously are.

Women find a home in the kitchen and bedroom, and as a group, tend to be suspicious when they aren't pregnant for a period of time - as you obviously are.

Mexicans find a home under sombreros for siestas and drink tequila, and as a group, tend to be disrespectful of borders - as you obviously are.

EDIT: I think we can see where generalizing is a bit nonsensical. Same in the other article where you responded to and countered huronguy2 and his broad brushes about "libs".

The Big Dog's back

hz, grow up.

The Hero Zone's picture
The Hero Zone

Did you just say "Rosa, get to the back of the bus."?

I want to be clear that you don't want anyone to challenge a stereotype that turns people from independent human beings into nothing more than an inhuman perception that serves a perceived majority. Is this hand-in-glove with your stance on politics that only D/R party leaders deserve to participate in democracy and not the average citizen?

The Big Dog's back

Grow up.

Rosa

Middle Right,

Actually the money is not going towards the professors so much. Studies have shown the professors are not receiving huge raises and such. They have so many grad student who are student teaching that the cost to professors is not increasing. Maybe administrators

dontknowmuch

how do you knuckleheads want to pay for it and don't say tax the rich... they already carry the burden for many looking for a handout because they're too lazy to do it themselves

bucknut36

I would rather my tax dollars try and help people in my own country. I did two tours of duty in Iraq, the average American has no concept of the money that has been wasted there. Remember when Cheney and Rumsfeld said the Iraq War would pay for itself? A complete waste of blood and treasure. I have no problem helping American students. Take care of own!

Trigger from Erie

No, I do not remember when Cheney ("Chaney" if you are Matt Westerhold) and Rumsfeld said the Iraq War would pay for itself. When was that exactly?

Trigger from Erie

False. The link quotes Secretary Rumsfeld as saying that funds for post-war reconstruction will largely come from Iraq itself. There's a big difference and it was obviously lost on the author of the article.

The Big Dog's back

Oh, you must be one of those right wingnuts immune from facts. Gotcha.

jazzbo

Trigger from Erie--Sounds like you're putting a little spin on that.
Iraq was going to REPAY America with oil and blah, blah, blah.

freethinker1

THANK YOU. Excellent comment. These are young Americans who WANT to work for a living. We need to stop doing things that make it harder for them to do that. We're still paying for the wars. I would rather invest our tax dollars into Americans.

The Big Dog's back

The GOP blocks. Common thing since 2009.

MiddleRight

If they didn't, this country would really be in the toilet instead of circling the drain.

Contango

^^^Great comment!

jazzbo

b s

dontknowmuch

and the Dems have never blocked anything.... correct?

The New World Czar

"They want an issue to campaign on to save their own hides this November."

McConnell, beyond all of his other dimwitted moves, is correct here. Create a crisis from your inability to find anything beyond minimum wage with your unmarketable degree...and ultimately get taxpayers to pay for the incurred debt.

Secretary of Education Arne Duncan said he had no clue how much this was going to cost, so why trust the Senate?

MiddleRight

In typical Democrat form, they looked around and realized they really haven't accomplished anything except a crappy health care plan, releasing terrorists, allowing illegals to stay in the country, squashing religious freedom, trying to take all guns away, regulating soda sizes, raising taxes...so they decided to try and create something that the millenials might latch onto and vote for.

freethinker1

Let's address each silly comment in MiddleRight's rant:

1. HealthCare: the reason the GOP has been mostly silent on this lately is because it's become very obvious that more are more people like Obamacare. A GOP congressman set up a public chat with a few dozen elderly Floridians recently, in hopes to get them to state how much they disliked the new law. Instead, the vast majority said how much the law has helped them.

2. Releasing Terrorists: Bush released 516 Guantanamo Bay prisoners, and got zero in return. They were "terrorists" as well. 516 is a bigger number than 5.

3. Allowing Illegals to Remain in the Country: Obama has deported FAR more illegal aliens than his predecessor.

4. Squashing Religious Freedom: Nope. We just don't like it when ultra-cons use Religion as a smokescreen to justify outdated discriminatory viewpoints.

5. Trying To Take Guns Away: Amazing how this lie still persists, isn't it? No one, repeat, no one is trying to take anyone's guns away. We just want to have sensible background checks for gun purchases.

Regulating Soda Sizes: Mayor Mike Bloomberg did attempt to enact this, but he isn't a Democrat, he ran as an Independent.

You are rather uninformed. I recommend that you read more, and post less often, until you actually can show that you know what you're talking about.

The Big Dog's back

Great advice!

grumpy

Let's address some of the silly statements in freethinkers rant:

1. Has the average family been getting that $2500 reduction in their heathcare we were promised? Have folks been able to keep their old doctors? Have folks been able to keep their old plans if they want? Some have, some haven't. I could also give a single example of my statement but when realizes that is one example in a population of 320 million I won't bother with making that strawman.

2. In any jail, there are those who are the worst. That was the fiv5 who were just traded. and of those 516 around 1/3 of them were either recaptured or killed on the battlefield and identified. How many of the last 2/3's went back and took up arms against the US is not known. Does anyone think that none of the 2/3's we don't know about never went back into battle? Does anyone think that gov't should not learn from their mistakes? That just because the other guy did it also that makes it OK to do it? Does that mean that obama can't do new things but can only do what bush did and did wrong?

EDIT : it is closer to 30% than 1/3 but close enough before I went back and looked it up. This also includes other gitmo prisoners that were released under obama so the number they use is 599. My memory wasn't perfect. Course this article is over 2 years old. I wonder if more have taken up arms against the US?

http://www.reuters.com/article/2...

3. I guess you don't keep up with the news:
http://dfw.cbslocal.com/2014/06/...

4. Sorry I don't have much of an interest in religion.His, yours, or anyone else's. You folks seem to need a govenor on your emotions when you get on that topic.

5. I guess you don't keep up on the news. http://www.huffingtonpost.com/20...

You claim others are uninformed I guess you must be one of those. I linked to a couple of current news stories that directly contradict what your claims are.

The Hero Zone's picture
The Hero Zone

You beat me to my own blathering. Curse you, grumpy! I'll get you next time!

NEEEEEXT TIIIiiimmmmeee...

grumpy

Both of us enjoy it too much when we can link to current articles or facts to refute statements others make... when they don't bother to link to anything that backs up their opinions. I have no problem with others opinions, but not when they are passed off as facts. You seem to have that same "problem".

The Big Dog's back

You wouldn't know a fact if it hit you in the face.

grumpy

I see you haven't used anything to refute the facts and current news articles I linked to. Must not be able to counter what I linked to or said. so you make a non-comment and hide. It is what we have come to expect from a piddle puppy after he drops a load. At least you aren't as full of it after your comment as you were before.

grumpy

.

grumpy

I guess when I complained that I was blocked, they decided to unblock and print what I wrote, three times. I guess that is what happens when it is machines that are programed to be moderators instead of people. You have to wait some number of minutes before you can edit spelling or grammar mistakes or will trigger the spam filter and have it kick in. I wondered why some folks had double and triple posts.

SamAdams

There's little difference between mortgage payments and student loan payments in more ways than one! Consider:

Why would you buy a $500,000 house when all you can reasonably afford is a $125,000 house? If you choose to saddle yourself with a half-million dollar loan with monthly payments that effectively break you, you don't get bailed out by taxpayers. You get foreclosed on by banks and called "stupid" by the rest of us! Student loan totals would be nowhere near as high as they are if people (and I mean parents as much as college kids) bothered to look just a few years into the future!

Bottom line: If you have a huge student loan to pay back and can't afford the monthly payments, it seems to me that the college you attended wasn't worth the money if you're that economically illiterate!

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