Click here for linkLast week President Obama came bearing gifts in a speech at the University of Colorado in Denver–relief from student loan debt, delivered by way of an executive order without congressional authorization. Under the President’s plan, money lenders cannot require students to pay more than 10 percent of discretionary annual income for student loans. It also completely forgives student loans in 20 years, five years fewer than before
House Education Committee chairman John Kline (R-MN) criticized the President’s plan on Fox News on Monday and says it’s not something America can afford:
This administration has been bypassing Congress on issue after issue after issue — they’ve sort of famously issued hundreds of rule changes and executive orders to bypass Congress, so I think that’s a mistake…
We simply can’t keep providing money from the federal government in the form of subsidized or actual loans and Pell Grants when we don’t have the money.
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