All Weekend, Every Weekend. On C-SPAN3.

House Votes to Stop Student Loan Interest Rate Hike

Washington, DC
Friday, April 27, 2012

The U.S. House of Representatives voted, 215-195, to block scheduled increases in student loan interest rates.

Announcing the vote Thursday, House Speaker John Boehner (R-OH) attempted to shift the blame for the interest hike on House Democrats and undercut what he called a "campaign issue" for President Obama. Speaker and the Republican Party charge that the President inappropriately used public funds for travel to three college campuses where he encouraged Congress to block the interest rate hike.

"Back in 2007 a Democrat-controlled Congress put in place a law that would double student loan interest rates this year," Boehner wrote in his press statement announcing today's vote. He was referring to a bill, signed by then-President Bush, that lowered the rate from 3.4 to 6.8 percent, with the provision that rates would return to the top level this year.

Speaker Boehner proposed paying for the $6 billion a year price tag by taking money from what he called "one of the slush funds" tied to President Obama's health care program. He plans to re-allocate some $11.9 billion targeted for women's health programs, using $5.9 billion to keep the student loan interest rates at 3.4% for one year.

In proposed Senate legislation, the rate increase would be put off for one year and would be paid for by adjusting tax rules that allow some individuals to avoid paying Medicare payroll taxes.

The White House has threatened to veto any bill that would repeal health care programs to pay for the lower student loan interest rates.

Updated: Friday, April 27, 2012 at 6:17pm (ET)

Related Events

House Speaker Meets with Capitol Hill Press
Thursday, April 26, 2012     

House Speaker John Boehner (R-OH) holds his weekly news conference with members of the Capitol Hill press. Questions included cybersecurity bills, jobs legislation and the surface transportation bill.

House Subcmte. Holds Hearing on Food Safety Appropriations
Wednesday, March 13, 2013     

Administration officials in charge of food safety testified before the House Appropriations Subcommittee on Agriculture, Rural Development, FDA and related agencies.

Consumer Protection Summit Identifies Frauds & Scams
Friday, March 8, 2013     

The Department of Justice and the Consumer Protection Working Group held a one day summit on the latest fraud scams and what consumers can do to protect themselves.

Education, HHS Secretaries Visit Maryland Elementary School
Friday, March 1, 2013     

Secretaries Arne Duncan and Kathleen Sebelius visit an elementary school in suburban Washington, D.C., to discuss head start programs and student health clinics.

House Education Subcommittee Discusses Teacher Assessment
Thursday, February 28, 2013     

The Bill and Melinda Gates Foundation’s Chief Research Officer said on Thursday that the greatest predictor of student performance is teacher effectiveness. Steve Cantrell testified on a panel before a House Education Subcommittee. Other witnesses talked about efforts in specific school districts to increase the frequency of teacher evaluations, using various tools such as student surveys and classroom observation.

House Education Cmte. Looks at School Safety
Wednesday, February 27, 2013     

The House Education and the Workforce Committee holds a hearing on how schools prepare and recover from threats of violence. Witnesses discussed faculty and student training practices, local school security needs, crisis reaction protocol and post-incident recovery services.

Education Secretary Speaks at White House Daily Briefing
Wednesday, February 27, 2013     

Education Secretary Arne Duncan delivered remarks at the daily White House briefing.  He warned of the impact of the upcoming automatic spending cuts, known as sequestration, to education programs.

Education Expert Discusses School Accountability & Choice
Friday, February 22, 2013     

Northwestern University Policy Research Director David Figlio addresses an audience at the University of Florida Law School in Gainesville in mid-January, evaluating school choice and accountability.

U.S. Chamber of Commerce Holds Education Forum
Tuesday, February 19, 2013     

The U.S. Chamber of Commerce held a discussion on education, focusing particularly on how to help students make the transition from graduation to employment. Business leaders and students discussed how to engage with each other to improve job prospects.

Bullying Prevention Summit
Monday, February 18, 2013     

To reduce the prevalence of school age bullying, teachers, school counselors, and other members of the education community gathered at Columbia University for a summit titled "Beyond Bullying."

Share This Event Via Social Media

Photo Gallery

Book TV (late 2012)
Questions? Comments? Email us at AmericanHistoryTV@c-span.org