Ms. FOXX. Mr. Speaker, student loan interest rates are scheduled to double July 1 unless the President and Senate act now to remove politics from the rate-setting process.
No amount of White House campaigning will stop the increase. We have to work together. And that shouldn't be hard since House Republicans already share a great deal of common ground with President Obama's own interest rate proposal. He asked for a permanent solution to Washington's interest rate conundrum. He asked that the solution anchor rates in the market and away from election cycles and that it include protections for the most vulnerable. The Smarter Solutions for Students Act, passed by the House with bipartisan support, meets those criteria.
Our solution to stop rates from doubling provides a good starting point for Senate Democrats and President Obama to take action before July 1. The President must not cede this common ground to empty speeches and political posturing.
Let's build on the common ground to keep rates from doubling.