Barrack Obama urges Congress to act on student loans

Rep. Bill Cassidy of Louisiana calls for repeal of health-care law

NEW YORK (MarketWatch) — President Barack Obama is urging Congress to reach agreement on a bill to fund transportation projects and move to stop student-loan rates from doubling.

“We are seven days away from thousands of American workers having to walk off the job because Congress hasn’t passed a transportation bill. We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn’t acted to stop it,” Obama said in his weekly radio and internet address. See full video and/or transcript.

“Let’s make it easier for students to stay in college. Let’s keep construction workers rebuilding our roads and bridges,” Obama said.

Democratic and Republican lawmakers are still at odds over how to pay for a $6 billion plan that would keep student loans from spiking from the current 3.4% rate on subsidized loans on July 1.

Senate aides from both sides on Friday said congressional negotiators appeared to be near a compromise that would extend the 3.4% rate for another year, the Associated Press reported.

The Federal Reserve Bank of New York in May said student loan debt increased this year to $904 billion, even as other types of consumer debt declined. See Fed release on quarterly report showing student-debt growth.

In the Republican reply to Obama’s weekly address, Louisiana Rep. Bill Cassidy said if the U.S. Supreme Court does not repeal the whole health-care law, then Congress should.

“Unless the court throws out the entire law, we should repeal what is left and implement common-sense, step-by-step reforms,” Cassidy said. Read transcript/watch video on this site.

The high court is expected to rule on the law, the Affordable Health Care Act, by the end of the month, which would mean to the week ahead.

The court’s options include upholding it or repealing all or portions of the legislation, including its mandate that most individuals carry health insurance.

Most of the estimated 50 million currently without insurance would be able to get it through taxpayer-subsidized coverage. Some people, such as illegal immigrants, would be exempt from the mandate.

Source : dumboanddonkey.blogspot.com/2012/06/obama-urges-congress-to-act-on-student