Senator Joe Kyrillos released the following statement regarding the failure of the U.S. Senate to pass a bill preventing student loan rates to double on July 1st. If Congress fails to act, student loan rates will soar from 3.4 percent to 6.8 percent.
"Once again, the United States Senate has failed to do its job. Bob Menendez wanted to pay for the extension of lower interest rates on student loans by raising taxes on businesses. A typical Washington solution. How does that make sense? This bill failed because a compromise proposal--one that would pay for the extension without raising taxes on job-creators-- wasn't even brought up for discussion.
"The Senate, time and again, fails to act because of partisan gridlock. I am running for the U.S. Senate to be a legislator that works across the aisle to get things done for the American people. Students graduating college already face a weak job market and now, because the Senate couldn't work together, they will be faced with double the interest on their student loans. Students will suffer because Washington is broken.
"Both parties must stop the finger pointing and get to work fixing this problem."