President Obama ratcheted up pressure on Congress on Thursday, accusing Republicans of “playing chicken” with a student loan extension deadline approaching next week.
During his brief speech in the East Room, Obama sought to telegraph a message that he has been actively pursuing keeping interest rates on student loans at their current rate. But he accused Congress of causing a stalemate on the issue, and on the looming transportation bill. The loan rates are scheduled to go up July 1 from 3.4 percent to 6.8 percent.
“It's mind-boggling that we've had this stalemate in Washington,” Obama said, standing beside Secretary of Education Arne Duncan, before a crowd of college students. “I've been talking about this for what? A month, two months, three months, five months? I've lost track.”
“Congress has had the time to fix it for months,” he continued. “It's part of the reason why everybody here looks impatient. This issue didn't come out of nowhere. It's been looming for months.”
The president added that if Congress does not pass the bill, the average student with federal loans will “wrack up” an additional $1,000 in debt.
“That's not something you can afford right now,” he said.
For more on Obama's remarks, click here.
