House Republicans have said the estimated $6 billion annual cost of extending low-interest rates for student loans isn’t affordable without offsetting cuts but that they are still deciding whether to support a temporary extension. Obama has started pushing Congress for the extension and planned a three-state tour this week to warn students of the potential financial catastrophe they will face if Congress fails to act.
Interest rates are set to double on July 1, from 3.4 percent to 6.8 percent, on a popular federal loan for low- and middle-income undergraduates.
“I support extending the temporary relief on interest rates for students,” Romney said Monday, a day before five states hold primaries, though he did not offer specifics on how the extension should be paid for or how long it should last. He said he supports the extension because of “extraordinarily poor conditions in the job market.”
You know what would cover over three-quarters of that $6 billion per year total the House is bandying about? The Buffett Rule, which Romney says would pay for 11 hours of government. So this is going to cost the government 12 to 13 hours of government over the next decade or something?