The White House is threatening to veto the GOP bill to extend the current student loan interest rates, even after President Obama spent this week pandering to college students in North Carolina, Colorado and Iowa about the student loan extension.
The House passed its bill Friday by a 215-195 vote mostly along party lines, with 30 Republicans voting against it and 13 Democrats voting for it.
The deadline for extending the student loan interest rates is June 30, after which the interest rates on federally guaranteed loans will double.
The Republicans bill would cut preventative care funding from Obamacare to pay for the $5.9 billion annual cost.
The White House calls these cuts “politically motivated“.
The bill likely will be dead on arrival in the Democratic-controlled Senate, where Democrats have suggested that they would prefer using payroll taxes to pay for the student-loan extension.
Updated to include information on the bill’s passage.
