BUTTHEAD OF THE WEEK IS BACK
DYSFUNCTIONAL CONGRESS - NO SURPRISE THERE
Interest rates on student loans are poised to double from 3.4 percent to 6.8 percent Monday.
While Congress has had an entire year to work out a proposal to stop the hike, Republican, Democratic and even bipartisan solutions haven't gained traction in the Senate.
Under the GOP plan, the loan rate would not be locked in for the loan's life, but would be reset every year depending on the interest rate on U.S. Treasuries.
In the Senate, Democrats are advocating for the student loan rates to be locked in at 3.4 percent for an additional year until Republicans and Democrats can come to agreement. Democrats have suggested covering the cost by closing tax loopholes often used by oil and gas companies.
But Republicans have accused the majority of putting off the matter.
The issue has become a political football and the topic of attack ads against members of the House. (U.S. News & World Report)
Members of Congress have left Washington on a week long break and took no action on Stafford student loans, which will double on Monday. For college students who rely on loans for higher education, paying twice as much interest on those loans will saddle them with even more debt after graduation. Rather than haggling over the interest rate on student loans Congress should make an effort to make higher education more affordable. Instead they continue to be dysfunctional (no surprise there) and for that they are buttheads. Just one day more...





