Patrick Calwell of Mother Jones writes Republicans Just Killed Elizabeth Warren's Plan to Ease Americans' Crushing Student Loan Debt, by allowing students to refinance their student debt at a 3.86% interest rate.
Sen. Elizabeth Warren (D-Mass.) can't catch a break. Senate Republicans voted Wednesday morning to block her latest piece of liberal reform. The Senate voted 56-38 in favor of Warren's bill to help ease the burden of student loan debt. Despite a majority of senators approving the measure, it failed to reach the 60 votes needed to overcome Republicans' filibuster of the measure. ...
Student loans have become a major drag on the economic fortunes of young Americans, hampering their ability to take risks in seeking jobs and delaying their ability to make the sort of purchases (cars, homes, etc.) that have typically defined a middle-class American life. More than 40 million people still owe money for their higher education. The total pool of loans still owed currently hovers over $1.2 trillion, more than the country's outstanding credit card debt. About 15 percent of student loans go into default within three years.
The main reason Republicans objected to the measure has less to do with the idea of easing student loan debt, and more with the mechanism Warren used to offset the cost of refinancing those loans. It would cost the government $51 billion over the next decade to allow borrowers to refinance. But Warren's bill would have actually reduced the deficit, bringing in $72 billion in new revenues by implementing the so-called Buffet Rule, an added surcharge tax on millionaires to ensure that they pay at least 30 percent of their income in taxes. "It’s a basic question on our values," Warren told the Boston Globe this week. "Does this country protect millionaires’ and billionaires’ tax loopholes? Or does it try to help young people who are just starting their economic lives?"
What a drag. Now we have to start clobbering this stingy Republicans over the heads with this vote in every November election they are in.
And, students better wake up and get fired up to get out and vote and realize having Republicans in office makes a big difference to their lives.
1:48 PM PT: Here's more information about the vote. I think they report it backwards. It was 56 to 38 for but we needed 60 to overcome a filibuster. With Reid voting against so we can reopening it, if we can pressure just three of these GOP to come across we could pass it.
Paige Lavender & Nick Wing of Huffington Post report Here's How To Reach The Senators Who Voted Against Debt Relief To Student Loan Borrowers
On Wednesday, the Senate voted 56-38 against a measure that would have helped millions of Americans with expensive student loans.
Only three Republican senators -- Susan Collins of Maine, Bob Corker of Tennessee and Lisa Murkowski of Alaska -- voted in favor of Warren’s proposal.
Below, a list of the Twitter handles of all of the senators who voted no on the measure, excluding Reid. Find their information and let them know how you feel. For a full roll call, click here.
Sen. Lamar Alexander (R-Tenn.) -- @SenAlexander
Sen. John Barrasso (R-Wyo.) -- @SenJohnBarrasso
Sen. Roy Blunt (R-Mo.) -- @RoyBlunt
Sen. John Boozman (R-Ark.) -- @JohnBoozeman
Sen. Richard Burr (R-N.C.) -- @SenatorBurr
Sen. Saxby Chambliss (R-Ga.) -- @SaxbyChambliss
Sen. Dan Coats (R-Ind.) -- @SenDanCoats
Sen. Tom Coburn (R-Okla.) -- @TomCoburn
Sen. Jon Cornyn (R-Texas) -- @JohnCornyn
Sen. Mike Crapo (R-Idaho) -- @MikeCrapo
Sen. Ted Cruz (R-Texas) -- @SenTedCruz
Sen. Mike Enzi (R-Wyo.) -- @SenatorEnzi
Sen. Deb Fischer (R-Neb.) -- @SenatorFischer
Sen. Jeff Flake (R-Ariz.) -- @JeffFlake
Sen. Chuck Grassley (R-Iowa) -- @ChuckGrassley
Sen. Orrin Hatch (R-Utah) -- @SenOrrinHatch
Sen. Dean Heller (R-Nev.) -- @SenDeanHeller
Sen. John Hoeven (R-N.D.) -- @SenJohnHoeven
Sen. James Inhofe (R-Okla.) -- @JimInhofe
Sen. Johnny Isakson (R-Ga.) -- @SenatorIsakson
Sen. Mike Johanns (R-Neb.) -- @Mike_Johanns
Sen. Ron Johnson (R-Wis.) -- @SenRonJohnson
Sen. Mark Kirk (R-Ill.) -- @SenatorKirk
Sen. Mike Lee (R-Utah) -- @SenMikeLee
Sen. John McCain (R-Ariz.) -- @SenJohnMcCain
Sen. Mitch McConnell (R-Ky.) -- @McConnellPress
Sen. Rand Paul (R-Ky.) -- @SenRandPaul
Sen. Rob Portman (R-Ohio) -- @robportman
Sen. Jim Risch (R-Idaho) -- @SenatorRisch
Sen. Pat Roberts (R-Kan.) -- @SenPatRoberts
Sen. Marco Rubio (R-Fla.) -- @MarcoRubio
Sen. Jeff Sessions (R-Ala.) -- @SenatorSessions
Sen. Richard Shelby (R-Ala.) -- @SenShelbyPress
Sen. John Thune (R-S.D.) -- @SenJohnThune
Sen. Pat Toomey (R-Pa.) -- @SenToomey
Sen. David Vitter (R-La.) -- @DavidVitter
Sen. Roger Wicker (R-Miss.) -- @SenatorWicker