Republicans Block Elizabeth Warren’s Student Loan Bill That Would Have Helped 40 Million

Senate Republicans have blocked Sen. Elizabeth Warren’s student loan refinancing bill that would have helped 40 million borrowers because it would have raised taxes on millionaires.

Warren’s student loan refinancing bill, the Bank on Students Emergency Loan Refinancing Act, failed by a vote of 58-38. (Harry Reid changed his vote to a no for procedural reasons.) Sens. Susan Collins (R-ME), Bob Corker (R-TN) and Lisa Murkowski (R-AK) were the only Republicans to vote for the bill.

Senate Majority Leader Harry Reid said, “In America today, millions of Americans are caught in financial quicksand, and they are looking for a helping hand to pull them to safety. Instead, the Republican leader has reaffirmed his commitment to the status quo. Why reform today, what he and his party say they’ll reform next year?”

Minority Leader Mitch McConnell (R-KY) continued to hide the real reason why he was blocking the bill, “The Senate Democrats’ bill isn’t really about students at all. It’s really all about Senate Democrats Because Senate Democrats don’t actually want a solution for students. They want an issue to campaign on — to save their own hides in November.”

Sen. Warren said before the vote, “With this vote we show the American people who we work for in the United States Senate: billionaires or students. A vote on this legislation is a vote to give millions of young people a fair shot at building their future.”

McConnell and thirty seven other Senate Republicans opposed the bill because it would have been paid for by imposing a 30% tax on millionaires who earn $1-$2 million per year. The vote today demonstrated that Republicans don’t care about giving young people a fair shot at building for the future. They are only interested in cementing the current inequality gap in our society protecting the wealthiest Americans at all costs.

Sen. Warren’s bill would have allowed millions of student loan borrowers a chance to cut their interest rate from 7% to 3.86%. This legislation wasn’t an election year tactic like the endless Republican Benghazi investigations. It was a lifeline thrown to millions of people who are drowning under the burden of interest rates that are nearly double the current rate. The Republican obstruction of this bill is equivalent to turning student loans into a form of loan sharking.

The message that this vote is sending today is that Republicans don’t care about the American people. The were bought, paid for, and solely represent the interests of the very wealthiest among us.

42 Replies to “Republicans Block Elizabeth Warren’s Student Loan Bill That Would Have Helped 40 Million”

  1. The GOP keeps blocking legislation that the majority of the nation wants and then still expects that same public to vote for them at the next election. I understand that many think they are gerrymandered into their seat forever but forever sometimes is a very short time.

  2. No surprise here what so ever, like I said yesterday on commenting on an article. The battle is not one of Democrats versus Republican/Conservative, it’s now a battle of America versus Republican/Conservative. They have no intention of improving this nation until they seize power from Americans.

  3. “Warren’s student loan refinancing bill, the Bank on Students Emergency Loan Refinancing Act, failed by a vote of 58-38. ”
    A reasonable person would think what a shame it was that only 38 people voted for the bill.

    I am so sick to death of seeing “losing” votes in which the “losing” side had a substantial majority.

    I hope that if the Democrats keep the Senate that Harry Reid ends all requirements for a super majority .

  4. Three Republicans joined all Democrats in voting to proceed to debate on the bill: Susan Collins of Maine, Bob Corker of Tennessee and Lisa Murkowski of Alaska.

    So if all Democrats voted for it that means the 4 are cowardly republicans who didn’t want to go on the record one way or another. Now with elections coming up maybe we should start there

  5. 58 – 38 is a “super majority” of 60.41%, 61.45% if Reid didn’t have to cast the no vote in order to re-present the bill at a later date.

    The 3/5ths rule, if not completely abolished, should only count the Senators who take time to vote not the entire body.

  6. Guess those republicans haven’t figured out that college students are voters. Hope they show up in November.

  7. Joe – Just curious, what is a less expensive college to you?

    The cost difference between a top school such as UCLA and a lessor school, such as Cal State Fullerton is not much. The student that does not have parents with money set aside or a trust fund is still walking away with over a 100K in debit.

    My kids are politically active as are their friends, and they see this vote and the other positions taken by the Republican party and you can kiss their votes good bye forever.

  8. So we are supposed to bail out people with loans because they VOLUNTARILY went in over their heads? I had $65,000 in student loans. Know what I did? Got a job and paid it off.

  9. Actually, 2.5 million new voters registered last year. 1.8 million registered as GOP. The age group was 18-22 year olds.

  10. Congressional Republicans are simply carrying out their marching orders for which they have been duly paid.

  11. I rather do that than spend 10 million an hour in Afghanistan or up to 400 BILLION on the F-35 which don’t even do what its suppose to do, which is to fly. The list goes on.

  12. It is not about getting away with not paying a loan, it is about lowering the cost of the funds to allow borrowers the ability to contribute to the economy and strengthening it rather than weakening it because the higher rates going to one source. Just like refinancing a mortgage, or lowering the rate of debt or reducing the cost of doing business, it is a sensible and ethical decision. People should be allowed to lower a rate if they keep their promise to pay back what they borrow. These savings would give people the ability to buy a home, a car, build an investment portfolio, or groceries. It is a backwards decision not to pass this.

  13. We are leaving but we still spending 10 million an hour while we are there and you support that? Never give a CON the keys to the bank because you will end up broke

  14. I am not surprised. If it doesn’t have some benefit for them they will definitely be against it. Also since the President was for it, that for sure meant a quick death for the bill regardless of how many it would help.

  15. Everything is a conspiracy isnt it? But then again your way is to screw the students and expect them to vote for you.

    I am doubting your intelligence here.

  16. Wow that link is so “truthful” no one took credit for it.“If your brains were dynamite there wouldn’t be enough to blow your hat off.”
    ― Kurt Vonnegut, Timequake

  17. No, Joey – this is not a “bailout”. This would allow students to refinance their loans just as you could on your home. That way they can… oh ffs forget it. I’ll go yell into a drain.

  18. The GOP is evil, but we cannot let Democrats off the hook. This bill was weak and problematic and does not address the student loan crisis, it makes it a little less of a crisis. Keep in mind, the democrats are bought by the banks as well.

    Actually, forgiving all student debt and making public university free for future students would greatly stimulate the economy, including stimulating a sluggish housing market.

    Germany just made tuition free, there is no reason why we cannot. Tuition was a few hundred dollars a year in the 70s. It had accelerated at least a thousand fold over inflation.

    in other words, even with this bill, the democrats would be screwing us as well.

    Also, I suspect that “Joey” works for the student loan industry. Many of these paid hacks post on-line in comments sections about the myths about “spoiled, lazy students wanting a bailout” but nothing is ever said about the bailing out of the banks that was started by Bush and completed by Obama and the Democrat…

  19. No moron.
    Millionaires already pay at tax rate that is effectively 50% lower then the rest of the country. Senate republicans are pandering to banks NOT YOU!

    Why cant you thick headed idiots understand that? Its mind boggling. OUR GOVERNMENT spends almost 40 TIMES the amount of YOUR tax dollars on corporate handouts rather than the people of this country.


  20. Harry Reid, the Senate Majority Leader, voted NO and yet it’s the republican’s fault.

    mmmmmm mmmmmmmmmm mmmmmmmmmmmm

    oh, that’s right, the democratic Senate Majority Leader voted NO for “procedural” reasons.

    mmmmmmm mmmmmmmmmmm mmmmmmmmmmmmmmmmmmm

    Here’s what would make the entire country embrace the political left. Let’s have a big news conference with maybe 100 Hollywood liberals. Let’s have those 100 Hollywood liberals announce they were redistributing their wealth to the struggling college graduates. All of the Hollywood liberals can keep ONE MILLION dollars. The rest goes to the struggling graduates to repay student loan debt. If the country saw that happen, the entire country would embrace the left.

  21. Seeing you never took civics or maybe they didn’t teach you that being homeschooled the reason Reid voted no is because he can bring it back up for a future vote. If he had voted yes the bill would have been dead. Please baggers before you comment with your ignorance please know what you are talking about

  22. JoeB: If you don’t even know what the bill would do, then don’t comment. You’re an idiot. It wasn’t about forgiving loans. It was about allowing students to refinance to today’s rate, just like a mortgage. This is not rocket science. The government is profiting 10s of billions of dollars off the middle class. And, the government owns most of the loans anyway (they own mine). Why would lowering the interest rate cause tuition to rise? There is no correlation. Get a clue. The schools are not dependent on student loan interest owed to the government; the government is.

  23. The vote was 56-38.
    Yes votes: 51-D, 3-R, 2-Ind.
    No votes: 37-R, 1-D
    Not voting: 5-R, 1-D

    Maybe you should do “your” research as you complain so vehemently about others you presume don’t.

  24. Wtf are you talking about? The article said all Dems voted for it and all rethugs against 4 not voting. There is a thing where after the vote people change their votes before its entered into the final record. When the vote was announced it was not the final record. SO I just said start with the people up for election and go from there to find who and what were their reason.

    Now Einstein if you really want to be helpful how come you didn’t post a link so we can see the one democrat that voted no and why did 6 did not vote for it.

  25. You remind me of the headline, “Dewey Defeats Truman”,”you don’t count your chickens before they are hatched”. Until a roll call vote is taken, it is anybody’s game. I think that an individual who demands only the highest standards from those he denigrates, would practice those standards himself.
    A roll call vote at 10:01 am 6/11/14 on the bill was taken, the result was 56 yea, 38 nay, 6 no vote. So what ever article you read was wrong. The record of the vote was available to the public at that time, maybe not the names,but the numbers. Source your article please.
    For you edification:”Students coming from a home school graduated college at a higher rate than their peers­ 66.7% compared to 57.5%—and earned higher grade point averages along the way, according to a study that compared students at one doctoral university from 2004-2009.”(U.S.News).
    Why respond with information you already supposedly had. Note times of our posts. BTW,I’m not Rep or Dem, I don’t like sheep, …..

  26. State universities and colleges used to charge minimal tuition, in order to develop an educated citizenry. Most or all state colleges were created by the federal land grant act.

    After WW2, the GI Bill supported veterans and paid their tuition. The result was unprecedented growth in the nations’ economy.

    Today,”taxpayers” like you don’t want to support education. A result is the dragging economy, as college graduates don’t buy cars, houses and stuff because their priority is paying off student loans. It also pushes young people to go for high-paying jobs, even if they might be more useful in work that doesn’t pay as much.

  27. Look here I was off by a couple of numbers and your ass going to put me in the boat as people who flat out lie. Get a life. Where I got my numbers from is a writer who I TRUST and I will continue to call out liars when they lie and quite frankly, your Opinion of me is really none of my business…

  28. Dear Chris,

    My daughter’s total bill at Salem State in MA….$64K for four years. She qualified for a Fellowship program for her Master’s at no cost at a private college. She should walk into a teaching position making about 50k to start. That’s a guess. Her total debt is 24K. Easily repayable in 10 years.

    When she was choosing her college, she had a choice to go to a private institution. even with a generous scholarship package. The difference was about 100K. In making her decision, I asked her if she’d rather have a car payment or a house payment when she was done. She wisely chose the car payment.

  29. I don’t know what your point is? You are either a troll or pointing out that 5 not 4 republicans are cowards for not voting and the rest can give a damn about students but you have been warned

  30. Try JoeB’s link is essentially a condensation of this government link.
    My point is this. I came to this site for information, found nearly all participants are cordial to each other. Then I began to notice you,”WTF,cowardly, rethugs,troll,cowards,ass,thieves,baggers,ignorant,liars, disparaging remarks about the home schooled, the Vonnegut quote.” In a blog that appears to foster civility between opposing participants, did I call you names or ridicule your thoughts? Your posts stand out. Are you someone who can dish it, but can’t take it?
    Could you clarify the line “Seeing… vote” in Julies response, and “Look…lie” in responding to me? Could you source (2nd request) the writer you trust? I am not a troll,far worse,I am what some would call a Constitutional Libertarian. I assume that the right to express an opinion,and freedom of speech is valid only when you are the one speaking.
    “But you have been warned ?” You need…

  31. Did you read your link? For a loan to be forgiven and not all loans fall under these categories are total disability, death, school close or lose certification, if you are a teacher with five years teaching low income areas , workingin public service and made 120 consecutive payments the balance may be forgiven. So you are just as dishonest as he was. The way you make it sound its a federal program connected to lowering interest rates that there is some scheme to forgive loans. Furthermore the forgiveness of loans go back to at least Oct. 1, 1998. Now I know people think the President is some dictator but damn he wasn’t even in the state senate back then.

    When a party whose main goal is to destroy the economy and hurt regular people because they had the gall to elect and then reelect a blackman and at every turn show your white supremacy then you deserve whatever I call you and more.If anyone is interested here’s the link and you decide if people pushing this nonsense are full of doo-doo That is all

  32. How about, as some folks have touched on, they treat the disease first. Oh, woe is me my student loans are so high. Those damn Republicans hate everything and won’t do anything to help me. Roll it back a minute and ask “why are my student loans so high?” Hmmmm … BECAUSE TUITION IS SO HIGH! Now follow that rational thought up with are colleges typically liberal or conservative leaning. Answer: liberal aka supportive of Democrats. So now ask, why all the “GOP sides with banks” outrage but no “Dems side with overpriced colleges” chatter? Because that doesn’t fit the “evil rich don’t pay their fair share” or “GOP hates _______” narratives and all rolls back to the income inequality blather and also might upset the support Dems have become accustomed too from academia. So before some of you go all “right wing nut job” on me (and you know who you are), try for a second to put down the KoolAid and think for yourself. You just might find you can have an original thoug…

  33. I don’t understand what you are trying to say but I can give you one reason why tuition is so high and its so simple it borders on selfishness. When states try to cut deficits the first thing they go for are the social programs but that was not enough so they turn to cutting funds for colleges. For example:By 1990, Ohio had already cut back its funding for public higher education. That year the state’s flagship university, Ohio State, received only 25% of its budget from the legislature, necessitating another tuition increase. Ten years later, in 2000, state allocations for the school had been reduced to only 15% of overall costs. In 2012, Ohio State received a mere 7% of its funds from the State of Ohio. With the building of new dorms, Athletic facilities and such tuition is no wonder it has gone up.

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