Luddly Neddite
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Senate Republicans Filibuster Elizabeth Warren?s Bill to Refinance Student Loans | Occupy Democrats
If it can help economic recovery or benefit any American, the Republicans are against it.
Despite President Obamas efforts Monday to use an executive order, and Tuesdays Tumblr Q & A to shine a spotlight on the Senates consideration of Senator Warrens Bank on Students Emergency Loan Refinancing Act, which would provide for the refinancing of certain Federal student loans, the bill was unable to clear the hurdle in the Senate that would allow it to be up for further consideration.
The bill would have allowed millions of borrowers, some with years-old debt and interest rates topping 7% or more, to refinance their existing student loan debt at todays lower interest rates of 3.86%. Unfortunately the vote rang in at 56-38, which despite a majority of Senate approval falls short of the 60 votes necessary for the measure to overcome Republicans filibuster of the measure and proceed to debate.
Its a real shame Republicans are standing in the way of this very important, timely legislation, Senate Majority Leader Harry Reid told reporters after the vote.
40 million Americans have outstanding student loan debt totaling $1.2 trillion, making student loan debt the second-largest form of consumer debt, second only to mortgages. Student-loan debt also grew by $31 billion from January to March, making it the fastest-growing household debt category as well.
If it can help economic recovery or benefit any American, the Republicans are against it.