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White House threatens to veto student loan bill
Posted: Apr 27, 2012 9:23 AM by Associated Press, MN
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WASHINGTON (AP) - 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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