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Kline Statement on Republican Stafford Loan Interest Rate Legislation

U.S. House Committee on Education and the Workforce Chairman John Kline (R-MN) issued the following statement after Rep. Judy Biggert (R-IL) introduced the Interest Rate Reduction Act (H.R. 4628), legislation that provides a one-year extension of the 3.4 percent subsidized Stafford Loan interest rate paid for by rolling back wasteful government spending:

“No one wants to see interest rates on federal subsidized Stafford Loans double in a few short months. Unfortunately, both President Obama and his Democrat allies in Congress have failed to put forward a responsible plan that can extend current rates without raising taxes or adding to the deficit. Once again, Democrats have demonstrated a failure of leadership by favoring short-term political gain over responsible long-term solutions.

“The legislation introduced today by my Republican colleague will remove the threat of the Democrats’ student loan interest rate hike. Rather than imposing new tax hikes on small businesses, the House Republican proposal will roll back wasteful spending in ObamaCare to help student borrowers without piling debt on the backs of our children and grandchildren. While this is not a perfect solution, it will enable Congress to develop the long-term solution borrowers and taxpayers deserve. It is time for Democrats in Washington to stop focusing on the next election and start addressing the serious challenges facing the nation.”

Earlier today, Chairman Kline joined House Speaker John Boehner (R-OH) and Republican Conference Chairman Jeb Hensarling (R-TX) at a press conference to announce the House will soon vote on the Biggert legislation. To view a video of the press conference, click here.

To view the bill text, click here. 


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