For Immediate Release:
April, 27, 2012
White House Veto Threat on Student Loan Bill
House Republicans garner enough support to pass H.R. 4628 – Interest Rate Reduction Act , Senate expected to take up own version early May.
WASHINGTON, DC— In a statement issued by the Executive Office of the President, the White House issued a veto threat on Rep. Biggert (R-IL) H.R. 4628 – Interest Rate Reduction Act before its passage in the House today. In their official statement the White House sights a lack of strong bipartisan support on H.R. 4628, which would repeal a part of the Affordable Care Act.
The Senate is expected to vote on S. 2343, authored by Majority Leader Harry Reid (D-NV) which proposes closing tax loopholes that benefit America’s wealthiest citizens to pay for the student loan interest rate extension. “Political mudslinging over the $6 billion investment has taken this critical issue hostage and threatens to saddle students with even more unnecessary debt”, said Tiffany Dena Loftin, Vice President of USSA.
In a statement from the Office of Management and Budget, they argue that, “this is a politically-motivated proposal and not the serious response that the problem facing America’s college students deserves. If the President is presented with H.R. 4628, his senior advisors would recommend a veto.”
The United States Student Association, the country’s oldest and largest student-led organization, represents over 4 million students at over 400 campuses across the nation. We work to develop current and future leaders and amplify the student voice at the local, state, and national levels by mobilizing grassroots power to win concrete victories on student issues.