Obama Signs Transporation, Student Loan Bill

by InvestorPlace Staff | July 8, 2012 5:42 pm

[1]In a rare show of election-year bipartisanship, Barack Obama signed a bill[2] funding transportation projects and keeping student loan interest rates from doubling.

Earlier this year, there was serious concern that both of these important legislative priorities would go unfulfilled. Without action, the student loan rate was set to increase from 3.4% to 6.8%[3] on June 30, and many important infrastructure projects like highway construction and bridge maintenance would go undone. The bill was passed by the House[4] on June 29 by a 373-52 margin, and in the Senate by a 74-19 margin later that day. Obama signed the bill Friday.

Highlighting the bipartisan nature of the bill, members of Congress from both parties, as well as representatives from local and state governments, were on hand to witness Obama signing the bill. In the wake of bruising campaigning for the presidency and seats in Congress, it’s nice to see politicians play nice, if only for a little while.

— Benjamin Nanamaker, InvestorPlace Money & Politics Editor

The opinions contained in this column are solely those of the writer.

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  1. [Image]: mailto:letters@investorplace.com
  2. Barack Obama signed a bill: http://articles.cnn.com/2012-07-06/politics/politics_obama-signs-transportation-bill_1_student-loan-bill-bipartisan-work-republicans-and-democrats?_s=PM:POLITICS
  3. increase from 3.4% to 6.8%: https://investorplace.com/investorpolitics/ouch-your-student-loan-interest-rate-is-about-to-double/
  4. passed by the House: http://www.npr.org/blogs/thetwo-way/2012/06/29/155992932/house-passes-bill-that-will-keep-student-loans-interests-from-rising?sc=emaf

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