Jeffries Tackles Student Loan Debt, Quotes Ronald Reagan To Defend Social Security During Ryan Budget Hearing
WASHINGTON – On March 13, 2013, during his first Budget Committee meeting related to the recently released Paul Ryan Budget, Congressman Hakeem Jeffries (NY-8) introduced an amendment designed to address the crushing debt burden facing college students and recent graduates in America today.
The total student loan debt burden in this country has now surpassed one trillion dollars, making it difficult for younger Americans to start a family, purchase a home and pursue the American dream.
Congressman Jeffries’ amendment, Prevent Student Loan Interest Rates from Doubling, is designed to prevent an increase in the subsidized student loan interest rate from 3.4% to 6.8% that is scheduled to take place this July. The amendment will defer the increase until June of 2014. More than 7 million college students will be adversely impacted if the interest rate doubles.
Congressman Jeffries also supported an amendment designed to protect social security from the threat of privatization. In speaking up in favor of this amendment, he quoted Presidents Franklin D. Roosevelt and Ronald Reagan and noted the grave threat to this important safety net program posed by subjecting it to the instability of the stock market.
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To view Congressman Jeffries’ statements on his student loan interest amendment and defending Social Security from privatization, please click here: Rep. Jeffries Defends America’s College Students and Seniors.
Video of the entire Budget Committee Markup of the FY 2014 House GOP Budget is available here.