The Senate voted Wednesday morning 56-38 in favor of killing Elizabeth Warren’s bill that would help reduce student loan debt.
Despite the majority of the senators approving it, the bill failed to muster the 60-votes needed to overcome the Republican filibuster. The bill would’ve allowed those taking out student loans to refinance their loans at a lower interest rate than what they already have now — 3.86%, which is lower than previous interest rates.
More than 40 million Americans still own student loan debt, which has become a huge drag on the economy. The total amount of student loan debt is around $1.2 trillion, according to Mother Jones, and is even higher than the national credit card debt. Add to that the fact that about 15% of these loans will go into default within the next three years, and that college tuition is increasing at an exponential rate.
The reasons GOPers gave for killing the bill is that the mechanism used to refinance the loans would cost the government $51 billion over the next decade. These are the same lying hypocrites that have no problem with tax cuts that add almost 6 times that to the deficit. Read a little further than the first paragraph in the description of Warren’s bill and you’ll find that, like most “socialist” measures, it ends up saving the government money — it would’ve reduced the deficit by $72 billion, by adding a surcharge to millionaires and ensuring they pay at least 30% taxes.
Democrats aren’t quite done with the bill yet. Democrats up for reelection are using the bill to hammer their opponents. There’s so much the Democrats can use as major issues against Republicans, the race should be theirs to lose.
h/t Mother Jones
More From AATTP On Student Loan Debt
- Elizabeth Warren: US Should Invest Based On Our Values
- President Obama Signs Executive Order Easing Student Loan Debt
- Obama Helps Students While GOP Implodes