Wednesday, July 13, 2011

Cantor: No Tax Hikes For The Rich, But Students Should Pay Interest Now

In the debt ceiling talks, House Republican Leader Eric Cantor (R-VA) is completely opposed to tax hikes for the wealthy or corporations:

"The House has taken a firm position against anything having to do with increasing taxes or raising tax rates," Cantor said on Thursday after the first session of budget talks with other lawmakers and Vice President Joe Biden.

Cantor doesn’t have as soft a heart for students, though. He wants those taking loans to start paying interest now instead of after graduating, to the objection of President Obama:

As Monday’s White House budget talks got down to the nitty-gritty, Eric Cantor proposed a series of spending cuts, one of them aimed squarely at college students.

The House majority leader, who did most of the talking for the Republican side, said those taking out student loans should start paying interest right away, rather than being able to defer payments until after graduation. It is a big-ticket item that would save $40 billion over 10 years.

…“I’m not going to do that,” Obama said. “I’m not going to take money from old people and screw students,” not without some compromise on the tax-increase side.

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