McConnell and GOP Block Student Loan Re-Financing Bill
Although the Republicans like to pretend they're the friend of the average Citizen, here's another example from a few years ago of how, when it comes to economics, the GOP really isn't our friend. And, of course, they still haven't addressed the issue of student debt, nor have they supported any other meaningful legislation (e.g., infrastructure spending) that will help grow the economy.
June 2014 - Debate on a Senate bill that would have allowed Americans to re-finance their student loans at interest rates below 4% was blocked by Senate Minority Leader Mitch McConnell and the Republicans today.
In a vote of 56-38, with 60 votes being necessary to move the bill forward, only 3 Republicans (Susan Collins of Maine, Bob Corker of Tennessee, and Lisa Murkowski of Alaska) joined with Democrats in support of the re-financing plan put forward by Senator Elizabeth Warren (D-Mass.)
It was estimated that almost 25 million of the 40 million Americans with outstanding student debt would have been helped by this measure. Some of that debt currently is being financed at rates that exceed 7 %.
Recent studies have argued that the $1.2 trillion student loan debt is a drag on the economy, as younger Americans are paying so much money on their student loans, they do not have the disposable income needed to make big purchases such as cars and houses.
Unfortunately, and consistent with their actions over the past 4 years, Senate Republicans again voted against a measure that would help grow the economy and that would help middle-class Americans.
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