Congresswoman Michele Bachmann (MN-06) released the following statement after Friday's vote in the House of Representatives supporting the Interest Rate Reduction Act:
"I voted in favor of H.R. 4628, the Interest Rate Reduction Act, which will keep the interest rate for federally subsidized Stafford Loans at 3.4% for one more year.
"My record is clear -- I do not support government intervention into student loans. Regardless of intent, government attempts to artificially manipulate interest rates will only result in higher costs for students.
"However, this bill served a more urgent purpose. Hidden within Obamacare was an unregulated slush fund for Health and Human Services Secretary Kathleen Sebelius to use for 'preventative care.' The multi-billion dollar fund was given to Ms. Sebelius with no clearly-defined requirements for how it is to be spent.
"Bureaucrats should not and do not have the authority to appropriate funds -- that is an unconstitutional expansion of executive power. A vote for H.R. 4628 was a vote for repealing the Prevention and Public Health Fund and placing the appropriations process back into congressional hands where it belongs. Furthermore, a vote in favor reduces the deficit by $6 billion. If removing billions of dollars from bureaucrats means supporting one more year of lower interest rates on student loans, then it is a vote I am proud to have made."
The Interest Rate Reduction Act passed the House of Representatives by a vote of 215-195.