BOSTON - Today, U.S. Senator Scott Brown sent the following letter to Elizabeth Warren urging her to support the bipartisan compromise reached yesterday to keep student loan rates low.
Previously, Professor Warren has only supported extending current student loan rates by raising taxes on small businesses. Senator Brown believes higher taxes would be a jobs destroyer and the last thing we should do with our economy going in the wrong direction.
The text of the letter sent today is as follows:
Dear Professor Warren,
As you know, if the Congress does not act before Saturday, college students across the country are at risk of seeing the rates on new subsidized Stafford loans double from 3.4% to 6.8%.
Fortunately, a bipartisan compromise was reached yesterday extending the current 3.4% rate for another year and preventing the rates from increasing. I hope that you will join me in supporting this bipartisan compromise.
I recognize that the agreement does not raise billions in new taxes on small family-owned businesses, which was clearly your stated preference. Instead of increasing taxes on small businesses, the compromise makes changes to pension law that will save money for the federal government and also help to improve our economy.
Throughout this debate, I held to the belief that we could make responsible spending adjustments to fund the student loan rate extension, while it seemed your primary mission was to raise taxes and score political points. I hope now that we are so close to a bipartisan solution, you will put politics and your devotion to higher taxes aside, and join me in supporting this important priority.
If we can pass this compromise, students and small businesses will both be able to breathe a little easier next week. I look forward to you voicing your public support.
Senator Scott P. Brown