Photo: Light Brigading/cc/flickr
Jun 12, 2014
"Today is a really good day for billionaires. For the 40 million people dealing with student loan debt, it wasn't such a good day."
Those comments were made by Senator Elizabeth Warren (D-Mass.) Wednesday after her Bank on Students Emergency Loan Refinancing Act, which would allow those with older student loans to refinance at the current 3.86 percent rate, failed to get the votes needed to move the legislation forward.
With a 56-38 vote, the legislation was four votes short.
The effort would have been paid for by enacting the so-called Buffett rule, which would require millionaires not to pay less than 30 percent of their income in taxes.
Following the vote, Warren said, "This raises the fundamental question: Who does Washington work for? Does it work for those who can afford to hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life?"
"We're not giving up," she added. "After all we did get bipartisan support today, and we still have 40 million Americans out there who are trying to deal with $1.2 trillion in student loan debt."
"Homeowners are refinancing, small businesses are refinancing. We just want young people who got an education to have their shot at refinancing," Warren said.
___________________________________
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
"Today is a really good day for billionaires. For the 40 million people dealing with student loan debt, it wasn't such a good day."
Those comments were made by Senator Elizabeth Warren (D-Mass.) Wednesday after her Bank on Students Emergency Loan Refinancing Act, which would allow those with older student loans to refinance at the current 3.86 percent rate, failed to get the votes needed to move the legislation forward.
With a 56-38 vote, the legislation was four votes short.
The effort would have been paid for by enacting the so-called Buffett rule, which would require millionaires not to pay less than 30 percent of their income in taxes.
Following the vote, Warren said, "This raises the fundamental question: Who does Washington work for? Does it work for those who can afford to hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life?"
"We're not giving up," she added. "After all we did get bipartisan support today, and we still have 40 million Americans out there who are trying to deal with $1.2 trillion in student loan debt."
"Homeowners are refinancing, small businesses are refinancing. We just want young people who got an education to have their shot at refinancing," Warren said.
___________________________________
"Today is a really good day for billionaires. For the 40 million people dealing with student loan debt, it wasn't such a good day."
Those comments were made by Senator Elizabeth Warren (D-Mass.) Wednesday after her Bank on Students Emergency Loan Refinancing Act, which would allow those with older student loans to refinance at the current 3.86 percent rate, failed to get the votes needed to move the legislation forward.
With a 56-38 vote, the legislation was four votes short.
The effort would have been paid for by enacting the so-called Buffett rule, which would require millionaires not to pay less than 30 percent of their income in taxes.
Following the vote, Warren said, "This raises the fundamental question: Who does Washington work for? Does it work for those who can afford to hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life?"
"We're not giving up," she added. "After all we did get bipartisan support today, and we still have 40 million Americans out there who are trying to deal with $1.2 trillion in student loan debt."
"Homeowners are refinancing, small businesses are refinancing. We just want young people who got an education to have their shot at refinancing," Warren said.
___________________________________
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.