[Congressional Record Volume 158, Number 64 (Tuesday, May 8, 2012)]
[Senate]
[Pages S2933-S2934]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      STUDENT LOAN INTEREST RATES

  Mr. REID. Mr. President, over the last 2 weeks, Senate Republicans 
have repeatedly claimed they support efforts to keep interest rates low 
for Federal student loans. In fact, Presidential nominee Mr. Romney has 
said the same. There is only one way to prove this, and that is to end 
the needless filibuster of Democrats' plan to stop rates from doubling 
this summer.
  Democrats have proposed legislation to freeze student loan interest 
rates at current levels for a year without adding a single penny to the 
deficit. Our plan adds no new taxes. I repeat, Mr. President: Our plan 
adds no new taxes. It would simply stop wealthy Americans from avoiding 
the taxes they already owe. Our legislation would prevent 7 million 
students from paying $1,000 more over the life of each of their loans. 
Yet Republicans appear poised to filibuster this worthy measure. They 
are sending a clear message they would rather protect wealthy tax 
dodgers--and that is what they are--than help promising students 
achieve their dreams of higher education.
  Republicans will try to explain away their ``no'' votes by claiming 
they oppose the way the legislation is paid for. They propose radical 
cuts to a preventive health care fund instead--a proposal they know we 
oppose.

[[Page S2934]]

  Mr. President, we have already cut that plan to the bare bones. We 
have used this on other programs to cut and we have done it in the 
right way. Any fluff that was in that program is gone. Some say we have 
cut far too much out of it.

  The prevention fund is, as we speak, helping States fight chronic 
illnesses such as heart disease, cancer, stroke, and diabetes. These 
chronic diseases I have just mentioned are responsible for 7 out of 10 
deaths in America today. Imagine, 7 out of 10 deaths are caused from 
heart disease, cancer, stroke, and diabetes. Yet Republicans want to 
use this program to pay for the student loan interest rate 
stabilization--a program that stops these diseases from going forward. 
It is a preventive program.
  These diseases are responsible for three-quarters of the Nation's 
health care spending. So anything we can do to cut those back is the 
right thing to do. Common sense indicates we need to be treating those 
26 million Americans with diabetes. Around America today there are 26 
million people who are taking medicine for diabetes, and it is sad to 
say that includes a rapidly growing number of children. These 26 
million people use up much of our health care delivery system, and 
diabetes increases the risk of developing other costly, life-
threatening, chronic diseases such as heart disease, stroke, kidney 
failure, and many other maladies that come from simply having diabetes.
  This prevention fund the Republicans want to use to pay for this 
stabilization program for student loans also pays for successful 
tobacco cessation programs that avert billions of health care costs to 
treat emphysema, heart disease, and cancer, among others. It finances 
immunizations for preventable childhood illnesses such as measles and 
whooping cough.
  These diseases are back because there have been too few 
immunizations. Last year, measles reached a 15-year high in our 
country. After nearly being wiped out in the 1950s, whooping cough has 
resurfaced. There have been major articles--I read one--that are 
stunning. As a kid, I received a whooping cough shot. I hadn't heard of 
it, but it is back. This is a terrible disease that we now have in 
America. As I say, it has come back. It produces violent coughs that 
can go on for as much as 6 months. People can die as a result of 
coughing so hard. There has been a real bad outbreak of whooping cough 
in California, and the disease in America has reached its highest rate 
in 50 years. Yet the Republicans want to cut back on these 
immunizations. That is not a good idea.
  These diseases I have talked about are completely preventable with 
the proper immunizations the prevention fund supports. Yet Republicans 
want to axe investments in preventive care that save the country money 
and save lives. We have already made cuts, as I have indicated, 
difficult cuts to this program. We cannot afford to make more drastic 
cuts that would put Americans' health at risk.
  While we do not support Republicans' plan to cut programs that combat 
diabetes, heart disease, or cancer, we are happy if they want a vote on 
some alternative. But let us get on this bill. Republicans need to stop 
filibustering our legislation--in this instance, the Stop Student Loan 
Interest Rate Hike Act. If they want some other way to pay for it, let 
us take a look at it. Let them offer it. The stakes are too high to let 
partisanship get in the way.
  The average student graduates with $25,000 in debt. These young 
people are running up these loans because they want to, because 
education is so important in our country. But too many young people are 
putting off buying a house, starting a family, or opening a business 
because they are saddled with this crushing student loan debt. We don't 
need to load that burden even more. Democrats are determined to protect 
millions of students from increasing interest rates--almost 30,000 in 
Nevada alone.
  If Republicans truly share our goal, they will vote to advance this 
legislation today.

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