Obama: Congress Must Act on Student Loan Rate Increase, Transportation

Obama: Congress Must Act on Student Loan Rate Increase, Transportation

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On Tuesday, the Republican controlled House has scheduled a vote to hold Attorney General Eric Holder in contempt.  Meanwhile, the House has yet to act on two major issues:  A $50 billion dollar transportation bill and a student loan rate increase.  If Congress doesn’t act by July 1, over 7 million people will be hit with a student loan rate increase.

On Friday night there were rumors there might be a deal on the student loan rate increase but nothing has been formally announced. President Obama used his Saturday weekly address to try and focus Congress on both the rate increase and the transportation bill.

“At a time when hundreds of thousands of construction workers are eager to get back on the job, it makes no sense to let transportation funding run out. And at a time when a college education has never been more important to finding a good job, it makes no sense to hit 7.4 million students with the equivalent of a $1,000 tax,” President Obama says.

The House, which has had nine recesses in six months, will be on vacation again for the fourth of July after what promises to be a busy week this week.

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