On Tuesday, the U.S. Senate failed to reach a final vote on the Democratic plan to extend the current interest rates on student loans.
Sen. Mike Johanns, R-Neb., is one of those who voted to kill the plan. Johanns tells us why he believes Senate Democrat leaders ought to be embarrassed by their tactics and why the Democratic bill would hurt small businesses and entitlement programs.
“This is one of those votes that’s going to come along this year that’s an attempt by Harry Reid and the president to try to do messaging and that’s exactly what happened today,” Johanns told WND.
Johanns explains why he supports the House GOP approach of tapping Obamacare funds to offset to revenues lost by not allowing interest rates to rise. He also rejects Democratic contentions that using those funds threatens health care for women. In fact, he says President Obama calls for tapping the fund in his own budget.
Johanns also talks about the growing fears that student loan debt could be the next economic bubble to burst and why the problem only gets worse as young people fail to find jobs.