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Student loans doubling -while GOP blows smoke..
Last comment by sebekm 1 year, 3 months ago.

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The GOP is so set on destroying the Obama Administration that they are neglecting the American people. There are issues on the table that need to be dealt with but they are wasting time chasing theories. We need to move forward and the GOP needs to get focused on Americas business.


A battle is heating up between President Obama and Republicans on how to prevent student loan interest rates from doubling to 6.8 percent in July -- a flashpoint in the ongoing efforts of both parties to win young voters, who strongly favor Democrats. [...]

Speaker John Boehner's (R-OH) office lashed out at the White House Wednesday after the event was announced. Labeling it "stunning student loan cynicism," Boehner spokesman Brendan Buck noted that unlike the Democratic-led Senate, the Republican-led House has already passed legislation to prevent student loan interest rates from spiking on July 1.

"It's obvious that the White House would love nothing more than to change the subject from its growing list of scandals, but scheduling this PR stunt reeks of desperation," Buck wrote on the Speaker's blog, noting the similarities in the two loan proposals. "Picking a fight out of thin air where there's policy agreement isn't going to get the White House out of trouble, and it certainly doesn't do anything to help students facing a looming rate hike."

First, there is no list of White House scandals -- the total is still zero. Second, the deadline matters to millions of families, so there's no point in dismissing it as some kind of partisan distraction. And third, there isn't policy agreement on student loan interest rates, as even the Speaker's office should understand.

Let's back up and provide some context here. As we discussed several weeks ago, Congress passed a law in 2007 that kept the interest rate for federal Direct Stafford Loans at 3.4%. Last year, that law was set to expire, and without congressional action, the rate would have doubled, affecting more than 7.4 million students, who would have faced, on average, an additional $1,000 in debt.

Policymakers eventually reached a deal and the lower rate was locked in, but it was temporary -- on July 1 of this year, the rates are set to double again.

House Republicans say they've already passed a bill on this, which is true. They also say their bill is worthwhile and consistent with White House demands, which is not true.

Obama's approach and the GOP's bill do have one thing in common: they tie student-loan interest rates to the yield on 10-year Treasury bills. But the White House's proposal includes all kinds of safeguards to make things easier on young people, including fixing the rate to whatever it is when the loan is first taken out (so students wouldn't suddenly see a spike when T-bill yields change) and shielding borrowers from having to make more than 10% of their income.

House Republicans are comfortable with the Treasury bill condition, but ignored the White House's proposed safeguards. Why does this matter? Because while the yield on 10-year Treasury bills is currently very favorable, this won't last forever, and Obama sees the safeguards as providing a cushion for young people going forward.

Meanwhile, Senate Democrats are slowly coalescing around a plan from Sen. Elizabeth Warren (D-Mass.), which would tie student loan rates to the rate big banks get through the Federal Reserve discount window. Republicans are, not surprisingly, hostile to the idea, but as of last week, Warren's bill had eight cosponsors.
MSNBC (Rachel Maddow)


Latest Activity: May 31, 2013 at 3:44 PM


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JimmyMack commented on Friday, May 31, 2013 at 17:16 PM

Good Blogg PN and spot on. The Republicans however are in blood sport mode to get to BHO. The same as they were to get Bill Clinton. When it came to Bill they impeached NOT because they HAD to do it. But because they COULD do it.

The nation wants them to take care of business at hand; infrastructure, military draw downs in Afghanistan, dealing with Bank and Student loans, fuel alternatives, etc.

If they keep at what their doing, their non-stop pursuit of BHO, I think it will backfire big time come mid-term elections.

sebekm commented on Sunday, Jun 02, 2013 at 15:44 PM

I am looking forward to the mid-term elections. I expect the Repubicans to gain in the House and in the Senate.

JimmyMack commented on Sunday, Jun 02, 2013 at 18:28 PM

You may or may not be correct Sebeoreno.
My money is they latest polls showing 78% in favor of the BHO adimisitration tending to things, like infrastructure, jobs, housing initatives, lowering of student loans, gettin people back to work.

We shall see.

Funkentelecky commented on Sunday, Jun 02, 2013 at 19:01 PM

Rachel Maddow is an opinion show and as of today Bill O'Reilly is the most balanced of all opinion shows. He don't give Republicans or Democrats a pass on anything; however if you really believe in truth and justice for all you need to check out some real journalism with Bret Baier at 6pm M-F on Fox and also 9a-5p for even more journalism, no hate whatsoever.

Right over wrong is always better than Republican over Democrat or vice versa.

PoliticsNation commented on Sunday, Jun 02, 2013 at 19:05 PM

I expect the Republicans to lose seats. Their plan- to continue bashing the POTUS and his administration is going to back fire...people are more concerned with the way things are shaping up than the GOP daily gossip column.

PoliticsNation commented on Sunday, Jun 02, 2013 at 19:13 PM

MSNBC ratings are down but it had a lot to do with the latest trials and people tuning into Fox for the so called Obama scandals. CNN is up because they spent a lot of air time on the murder trial. HLN is number 1 because they focus on reality/entertainment news. I expect MSNBC to pick ratings up this month.

Funkentelecky commented on Sunday, Jun 02, 2013 at 20:26 PM

PN, I grew up a Democrat and JFK tops my list from that party. No one in the Democrat party is like him at all today. Bill Clinton is the closest and I give him high marks in regards to economic leadership and his theory of triangulating with Republicans which lead to American prosperity. Remember the quote” Keep your friends close and your enemies closer” that’s why I watch MSNBC and CNN and Fox so that I may be informed to the best of my ability. Why don’t you try Brett Baier out every once and a while, if you believe in the truth you will find skepticism there, no hate. And since you like ratings, check out these to boot.

http://www.mediabistro.com/tvnewser/c...

Funkentelecky commented on Sunday, Jun 02, 2013 at 21:09 PM

Pn, is this blowing smoke too?

http://www.youtube.com/watch?v=iz2PLb...

Pn, Chris Matthews is on point here about the IRS why don’t you listen to him?

http://www.youtube.com/watch?v=iz2PLb...

HMJC commented on Monday, Jun 03, 2013 at 08:39 AM

PN, not sure why you still think the current administrations hands are clean? If it smells like poo poo, it's poo poo, and there has been a whole lot of poo poo coming out of the white house the last three months.

sebekm commented on Monday, Jun 03, 2013 at 12:34 PM

I wouldn't be surprised if MSNBC totally revamped their format. They can't continue to scrape the bottom of the ratings barrel and still survive. The last article I saw indicated that they were at an all-time ratings low, with Maddow's show being the lowest of the low.

I'll pass along one personal anecdote about MSNBC. Before I switched to DIRECTV back in 2007, I was a Comcast Cable subscriber. One of the news channels in my package was MSNBC, and at that time I routinely watched MSNBC - daily. In addition to their news coverage, I regularly tuned in to Chris Matthews and a few of the other "analysis" programs.

One day while channel surfing I noticed that I wasn't getting a signal on the MSNBC channel. With Comcast cable, I just figured "oh, well..." and didn't bother to call to report the outage, since my experience with Comcast was that outages were FREQUENT, and they had the world's WORST customer service. So I decided to just wait and let them fix the problem on their own.

Well - I WAITED *SIX WEEKS* - and still no signal on the MSNBC channel. I then called Comcast to inquire whether MSNBC had been removed from the cable package and was told no. After another two weeks, the channel returned to the air. I called Comcast again to inquire what the problem was and they essentially said it was "technical difficulties" with a link, switch, or some other gizmo at the local transmission station, and that the only channel affected was MSNBC. Here's the interesting part:

I was told by the Comcast customer service rep THAT I WAS THE ONLY PERSON WHO CALLED IN TO REPORT THE OUTAGE - IN THE ENTIRE VIEWING AREA! Translation: Even back then, nobody - at least in this area - watched or really cared squat about MSNBC.

Based on their national ratings, it appears that nothing has changed.


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