Wednesday, January 17, 2007

HR 5: CUTTING THE COSTS OF STUDENT LOANS FOR STUDENTS AND TAXPAYERS IN THE FIRST 100 HOURS

WASHINGTON D.C.--After cutting Federal spending on student loans by $12 Billion to pay for the black hole that is Iraq, President Bush and top GOP members have vowed to oppose this bill. Without a trace of irony, they're going to say that it will "bloat an already huge deficit"--created by the President and the late GOP-majority. This is a good bill, and it ends favoritism for lenders who get a free-pass and subsidies on the loans. It has been a no-risk deal, funnelling money from we the people. The risks and costs have been shouldered by student borrowers and the government (taxpayers, meaning all of us).

Banks will also have to pay the lending-fees for processing the loans. I know, the tears are welling-up in my eyes too. I'm still impressed, but let's see how the Senate treats this bill. We're watching. If you don't keep delivering a better society, we'll replace you with other Democratic candidates. This is my answer to those who feel they have no-choice within a two-party system--it's all we've got now, and we can keep shooting-down the bad-ones with our votes (or lack thereof). This is a great rollback of the Bush agenda, it's worth celebrating: interest-rates on student loans begun in 2008 will be halved!

HR 5: http://www.govtrack.us/congress/billtext.xpd?bill=h110-5