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Dear Friend:
Unless Congress acts by July 1, interest rates on need-based student loans will double to 6.8 percent. This would increase costs for more than 7 million students; a typical student borrower would pay $1,000 in additional borrowing costs.
The House Republican budget (H.CON.RES.112), which passed March 29, allows the interest rate to rise to 6.8 percent. After hearing public concerns about this large interest rate hike, the Republican leadership introduced the Interest Rate Reduction Act (H.R. 4628) two days before scheduling a vote. The bill passed the House by a vote of 215 - 195. H.R. 4628 extends the current 3.4% interest rate for one year, but pays for it by repealing the Prevention and Public Health Fund. I oppose eliminating the Prevention Fund, which provides for hundreds of thousands of screenings for breast and cervical cancer.
I prefer a different solution to the interest rate hike - the Stop the Rate Hike Act (H.R. 4816). I cosponsored this bill, which stops the doubling of the student loan rates and is paid for by ending certain tax breaks for big oil companies. H.R. 4816 would eliminate a 2004 manufacturing subsidy for the Big Five oil companies, which is unnecessary at a time of record profits for the companies. Currently, the Senate is considering action on their own legislation, which will hopefully not include cuts to women's health programs.
You can always look up votes and bills on Thomas.loc.gov Please, take a few minutes to read about the latest news in the district and D.C.
Federal Budget Charts
The Congressional Budget Office produces independent, nonpartisan, timely analysis of economic and budgetary issues to support the Congressional budget process. You may find their charts on federal spending to be useful: http://www.cbo.gov/publication/43171
Feed the Hungry By Visiting Six Flags
Hosea Feed the Hungry is partnering with Six Flags over Georgia, during the week of May 26th thru June 3rd. Each ticket purchased adds 3 dollars to feed the hungry. To Purchase Tickets online: Go to www.sixflags.com/overgeorgia ; in top, right hand corner, enter individual code "hosea12" or group code "hoseagroup12." For more information, contact Hosea Feed the Hungry at this link. Six Flags is located in the 13th Congressional District.
Emergency Prepardness
Knowing what to do before, during and after an emergency is a critical part of being prepared and may make all the difference when seconds count. Ready.gov has a variety of publications for download covering various topics about planning and preparation for disasters and emergencies.To learn how to be informed and plan for an event, please visit: http://www.ready.gov/
Mortgage Assistance Event
On June 1-2, Congressman Scott will host a major mortgage assistance event with Treasury, HUD and major lenders. More information will be posted as the event is planned. To watch a video of Congressman Scott inviting constituents to the event, visit his YouTube page: http://www.youtube.com/user/RepDavidScott
Bank of America Mortgage Assistance
If you are having trouble with your Bank of America mortgage, you can meet with a bank representative at the Gwinnett Center in in Duluth from Thursday May 3, through Saturday, May 5. You can schedule a meeting online: www.bankofamerica.com/homeownerevent or by phone: 1 (855) 201-7426. Bank specialists will be onsite to serve customers speaking English and Spanish.
Summer Youth Jobs
Summer employment is critical to the success of young people, good for business, and important for our country. But today’s youth are struggling to get the work experience they need for the jobs of the future. The Summer Jobs+ initiative has 90,000 paid jobs and thousands of mentorships, internships and other training opportunities for youth. https://webapps.dol.gov/summerjobs
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Thank you for taking time to read my newsletter. If I can be of assistance, please contact me through one of the addresses located at the end of this message. We can also connect via Facebook, YouTube, Twitter or LinkedIn.
Sincerely,
David Scott
Member of Congress
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