Archive for the ‘House of Representatives’ Category
House Republicans have proposed their own bill to extend the low-interest rate which currently applies to government-backed student loans. Unless Congress acts before July 1, when a 2007 authorization is due to elapse, those who hold a student loan will face a 100-percent increase in the interest rate they are charged.
As expected, the Republican-led Senate rejected President Barack Obama‘s “Buffett Rule” which would have significantly increased the tax rate of those earning in excess of $1 million dollar per year. The proposal was named after billionaire investor Warren Buffet, who stated last Summer that he would be happy to pay more taxes.
House Speaker John A. Boehner told NBC’s ‘Meet the Press’ on Sunday that he no longer supported a two-month payroll tax cut extension which was passed by senators on Saturday. He described the Senate‘s bill as a measure that was “just kicking the can down the road.”
Former Pennsylvania Senator and Republican presidential hopeful Rick Santorum said he expected that those conservative voters who were currently backing Newt Gingrich would cease to support him once they had had the chance to scrutinize his record. Mr. Santorum was taking part in CNN’s ‘State of the Union’ program on Sunday, a few hours following the Des Moines, Iowa, GOP debate.
Massachusetts Congressman Barney Frank announced on Monday that he would not be seeking re-election next year. Mr. Frank, who is now the 17th Democrat due to leave the House of Representatives in 2012, was first elected in 1980.
The 71 year old explained that his decision to retire was partly due to Massachusetts’ new redistricting map, which means that his district would have an additional 325,000 residents, and partly due to his decision to retire in 2014. “I would be asking 325,000 new constituents to give me the mandate to be their advocate with the federal government for only two years. Starting on a series of projects only to be passing them along in various stages of incompletion to a successor two years later is not a responsible way to act.” he said.