This article reports that one of Obama’s central promises, to overhaul the student loan business has met a fatal challenge—coming in the form of payoffs from loan companies persuading congress to kill the reform bill.
Oh and don’t expect the Democrats to do anything to stop it.
“Political action committees for the lenders and company employees made $2.1 million in political contributions last year, with the money split evenly among Democrat and Republican candidates, the data showed. Sallie Mae’s PAC alone made $194,000 in donations.”
This article illustrates the futility of the conservative left-liberal approach to fighting budget cuts. The business interests opposed to reform use the same tactics as the aforementioned folks; but of course with millions of dollars to back themselves up.
“an aggressive lobbying campaign by the nation’s biggest student lenders has now put one of the White House’s signature plans in peril, with lenders using sit-downs with lawmakers, town-hall-style meetings and petition drives to plead their case and stay in business.”