Congressman Rob Woodall (R-GA) issued the following statement on H.R. 4628, the "Interest Rate Reduction Act."
"Today I reluctantly voted against the "Interest Rate Reduction Act' because it does nothing to address the underlying problems of our student loan programs. Instead, the bill pushes these hard decisions down the road one more year. The GOP-led House Committee on Education and the Workforce is working on a long term fix to our student loan programs, including interest on these loans, but the sideshow of Presidential politics has intervened in that work and taken us off course. I look forward to seeing the House get back on track and proposing long term solutions. With total student loan debt over $1 trillion dollars, higher than total credit card debt for the first time in U.S. history, we need real solutions for our students, not the President's election year pandering. And while I agree that the ObamaCare Slush Fund for the Secretary of Health and Human Services should be eliminated, I'd rather it go towards deficit reduction than taking it from one federal pocket and putting it in another. Every dollar of our nation's debt is another loan that students today will have to pay off in the future, and that is a far greater burden on their prosperity than the interest from their student loans."