Democrats Challenge Accounting of Student Loan Proposal

December 4, 2009

The chairmen of Congress's education committees on Thursday disputed a report that a proposed lender alternative to President Obama's student loan restructuring proposal would save nearly as much money as the administration's plan. Rep. George Miller and Sen. Tom Harkin were responding to news reports indicating that the Congressional Budget Office had "scored" an alternative put forward by Sen. Robert Casey on behalf of lender groups as saving $75 billion, within striking distance of the amount projected to be saved by President Obama's plan to end lending through the guaranteed loan program. The higher level of savings would be achieved through a series of budget gimmicks, the Democratic lawmakers wrote.

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