Congress Education

Republicans Block Student Loan Bill

Senate Republicans successfully filibustered and blocked debate on a bill today that would have allowed former students to refinance their loans, among other things.

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.

How was it paid for? It was paid for by implementing the so-called Buffet Rule which institutes a minimum tax on millionaires who manage to pay lower tax rates than average people because their income is derived from investments.

Warren’s bill also would have reduced the deficit by approximately $20 billion by implementing the minimum tax. Aren’t Republicans suppose to love deficit reduction?

If the bill was paid for by kicking children off their school lunches, maybe Senate Republicans would have gone for it.