Tags: Student | Loans | obama | veto

White House Threatens to Veto Student Loan Bill

Friday, 27 Apr 2012 10:38 AM

The White House has threatened to veto a Republican bill keeping federal student loan rates from rising this summer.

A White House statement blamed the way the legislation would pay its $5.9 billion costs: by cutting a preventive health fund created under President Barack Obama's health care overhaul law of 2010.

The White House called those health cuts politically motivated and not a serious response to the problems students face.

The veto threat was issued as the GOP-run House began debating the legislation.

Even if it passes as expected, the measure seems certain to go nowhere in the Democrat-controlled Senate. Democrats want to pay for the measure by boosting payroll taxes paid by high-earning owners of some private firms.

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