According to Mark Levin and Fox News, many kickbacks in the Healthcare bill remain, plus a couple of new ones. Mentioned were Dodd’s millions for a Hospital, as well as a North Dakota Bank that will still be able to make student loans. Healthcare paid for on the backs of student loans.
As Senator Lamar Alexander noted today:
“This is how it will work: the federal government will borrow money at 2.8 percent and then lend it to students at 6.8 percent—spending the difference on health care and new government programs.”
The bill would see $61 billion in savings over 10 years from the switch to direct government lending. It would pay for Pell Grants and provide more than $4 billion to community colleges and historically black colleges. It also would direct about $19 billion to reducing the deficit and offsetting expenses in the health care legislation.
In addition, beginning in 2014, college graduates would be allowed to devote no more than 10 percent of their monthly income to repay their student loans. The current cap is 15 percent.
Still, the legislation is not as generous as the bill the House passed last year.
It proposes no increases in Pell Grants over the next two years and a modest increase over the five years that follow. The maximum Pell Grant, which a House-passed bill last year would have raised to $6,900 over 10 years, will now only increase to $5,900. The current maximum grant for the coming school year is $5,500. http://www.msnbc.msn.com/id/36014592/ns/business-us_business/
Aside from the content of the bill, Democrats are also drawing fire for the “process” involved in passing the bill. Specifically, Republicans are pointing to what has become known as the “Bismarck Earmark,” which would exempt The Bank of North Dakota from the student loan restrictions, presumably, in exchange for Conrad’s vote.
House Minority Leader John Boehner just released a statement asking about Rep. Earl Pomeroy’s involvement:
This ‘Bismarck Bank Job’ provision looks like exactly the sort of backroom deal that makes the American people hate Washington and the whole process that has led to this massive, awful government takeover of our health care. Rep. Earl Pomeroy, the only House Member from the State of North Dakota, has some questions to answer. Did he know about this provision? Was it inserted in an attempt to secure his support for the health care bill?
By the way, it’s ridiculous that there is a “bank of North Dakota,” to begin with. I was at a conservative meeting recently where Governor John Hoeven – who used to run the bank — was introduced. The person introducing him noted that Hoeven used to run the Bank of North Dakota, and that it proved he was a real Free Market guy. (I’m not sure the fellow realized the bank is owned by the state.)
Hat Tip: http://www.mattlewis.org/?p=2656
Does anyone really know what is in this monstrosity