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Sen. Bob Corker (R-Tenn.) accused President Obama of hypocrisy for pushing to keep student loan interest rates low while robbing “young people of their American inheritance.”
In the weekly Republican address Corker accused Obama and Democrats of simultaneously calling for lower interest rates on Stafford loans for college students in the name of affordability for young Americans while also spending more than the country’s budget reasonably can.
“The president punts on almost every tough decision,” Corker said. “In fact, as he appeals to college students, his administration is robbing those same young people of their American inheritance, spending their money on my generation and engaging in nothing short of generational theft.”
Obama and Democrats have been urging Congress to pass legislation keeping the Stafford student loan interest rate at 3.4 percent. The rate is set to double on July 1 unless Congress passes legislation stopping an increase. The Republican-controlled House recently passed legislation that would keep the rate from going up with a pay-for that uses money from the Obama administration’s healthcare reform legislation. Democrats are opposed to that funding method and instead want to fund an extension of the 3.4 percent rate by closing tax loopholes for shareholders of a certain type of corporation.
Read more at The Hill
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