By Rick Ungar – In another strict party-line vote, Senate Republicans today blocked a bill that would have prevented student loan rates from doubling — despite agreement on both sides of the aisle that a one year freeze in the interest rate would be a good idea.
The GOP controlled House of Representatives where the one year loan freeze was approved — so long as it is paid for by raiding a preventative health and cancer screening program created in the Affordable Care Act.
In the Senate, the Democrats had proposed that the rate freeze be paid for by removing a tax loophole that allows wealthy taxpayers to avoid paying their full Social Security and Medicare tax by categorizing money they receive as dividend income rather than cash income, thus avoiding FICA taxes.
This is hardly the stuff of effective public policy. more> http://is.gd/Wpuam2
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