Republicans have dismissed Warren and Obama’s measures as “gimmicks” and costly handouts to indebted students that do nothing to reverse the overall trend of rising college costs.
Massachusetts Democratic Sen. Elizabeth Warren’s student loan bill hit the floor of the Senate Wednesday. If implemented, it would allow those with older student loans, who often have an annual interest of 6 percent or greater, to refinance down their loans.
The bill would have an estimated cost of $50 billion or more, and Warren proposed to pay for it by implementing the “Buffet Rule,” which mandates a minimum tax of 30 percent on all types of income greater than $1 million.
As expected, the bill was blocked by Republicans immediately. On a 56-38 vote, the bill failed to reach the 60-vote threshold needed to proceed. Sens. Lisa Murkowski of Alaska, Bob Corker of Tennessee and Susan Collins of Maine were the only Republicans to vote for the measure. By employing a controversial tax increase to provide financing, Warren ensured the bill would be dead on arrival for the Republican Party.
According to liberal sources, however, the bill’s failure is all part of the plan.
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