McConnell hits Obama, Dems on student loan legislation
McConnell also cited that in 2007, Obama, then an Illinois senator, didn’t vote on student loan interest legislation meant to keep the interest rates from rising.
“Today the president will hold another rally in which he’ll tell students that unless Congress acts, their interest rates will go up in July,” McConnell said. “What he won’t tell them is that he cared so little about this legislation that created this problem five years ago that he didn’t even show up for it. And that once he became president he didn’t even bother to create a fix for this problem in his own budget.”
Senate Majority Leader Harry Reid (D-Nev.) introduced legislation that would keep the interest rates at current levels by closing loopholes for shareholders of so-called S corporations to avoid payroll taxes if they report some of their income as company profit. Reid’s legislation applies to earners who make $250,000 or more a year.
“Democrats want to pay for it by raiding Social Security and Medicare, and by making it even harder for small businesses to hire,” McConnell said. “We happen to think that at a time when millions of Americans — and countless college students — can’t even find a decent job, it makes no sense whatsoever to punish the very businesses we’re counting on to hire them. It’s counterproductive, and it’s wrong.”
McConnell added that Democrats were really just trying to introduce legislation that Republicans would oppose for political gain.
“And let’s be honest,” the minority leader said. “The only reason Democrats have proposed this particular solution to the problem is to get Republicans to oppose it, to make us cast a vote they think will make us look bad to the voters they need to win the next election.”
Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.