Although Pres. Obama and congressional Democrats bent over backwards to accommodate intransigent Republicans dead set on maintaining the status quo in which America’s biggest banks loan-shark our most vulnerable students, Congress was unable to meet Monday’s deadline for a deal preventing the doubling of student loan interest rates.
Thanks to the GOP’s efforts, the interest rate on a key federal student loan double on Monday, to 6.8% from 3.4%, meaning that over 7 million undergraduate students with demonstrated financial need will end up paying over $1000 more in interest over the life of their student loans.
Pres. Obama and congressional Democrats are seeking to extend the fixed 3.4% rate for another year, mirroring a last minute measure that was enacted a year ago.
The U.S. Senate is expected to vote on a similar bill which would be retroactive to Monday, although Senate Republicans are likely to continue going to war on behalf of America’s biggest banks with another sinister filibuster of progressive legislation.
This new act of intransigence by Congressional Republicans is a slap in the face to American students and Senator Elizabeth Warren, who proposed cutting student loan interest rates at least by half in order to make sure that students get the same deal from the federal government that big banks receive through the Federal Reserve interest-rate.
Rather then cut student loan interest rates in half, Congressional Republicans have chosen to allow them to double unless Pres. Obama and congressional Democrats succumb to their unreasonable demands.
This continues the GOP’s hot streak of recalcitrance, as they refuse to support previously bipartisan legislation unless it is tied to unrelated items on America’s corporate wish-list.
Maybe, they figure that a less educated and informed populace is more likely to support their detrimental economic policies, not to mention the fact that these kinds of actions will ensure their continued dominance of donations by the corporate establishment and multinational banks.
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