Congress debates the size of water buckets while the barn burns.
More than 7 million students and their families rely on federally subsidized Stafford loans to help pay for college. Allowing the interest rate on Stafford loans to double is a significant burden on those already struggling with education costs and high unemployment.
The U. S. department of labor indicates that it would cost Missouri borrowers $160 million if the rate is allowed to double.
The Paul Ryan budget, recently passed by the House (Billy Long is an enthusiastic supporter) gives $4.6 trillion in new tax cuts to millionaires and billionaires. It pays for those tax-cuts with reductions to social programs, including cuts in federal support for college education.
The subsidies for the Stafford loans amount to 0.16% of the federal budget and less than 1.3% of the annual crony tax breaks in the Ryan Budget.
Both the Senate and the House are debating how to pay for this 1/600 of the budget. Billy’s House bill (H.R. 4628) would cut a fund for public and preventive health care. They want to take money from people’s health prevention.
The Senate bill (S. 2343) takes a far better approach: closing a tax loophole used by certain well-off professionals to avoid Medicare taxes.