By Daniel Strauss - 05/05/12 10:58 AM EDT
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.
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.
Corker also called on tax reform through ending tax loopholes and streamlining entitlement programs.
"This means simplifying the tax code and doing away with most, if not all, of the $1.2 trillion in loopholes and tax expenditures that Congress has created to try to drive your behavior," Corker said. "This would allow us to broaden the tax base and lower rates for everyone."
Corker said, "This kind of tax reform combined with a long-term plan to reduce our debt and strengthen Social Security and Medicare so that they are solvent for the long haul would really cause our economy to just take off."