Senate Republicans block consideration of student loan bill

By Rebecca Kaplan 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. “This is about economics. But it is also about our values,” Warren said on the Senate floor Tuesday morning. “Investing in students and asking billionaires to pay their taxes seems pretty fair to me. If senators want to pay for this a different way they should offer amendments to this bill but they should not block it from being considered.” “Is a debate on refinancing really what’s needed to occur? Why doesn’t the Senate discuss the overall cost associated with a college education versus the overall projected value of a college education? Why doesn’t the Senate debate the merits of the tax breaks schools receive and how they could be used to offset student debt? Seems to us that this discussion is little more than lip service.” Read the full article here:

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