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Rep. Nan Hayworth, (R-NY), on efforts to find the funding to prevent student loan interest rates from doubling.
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Joining me now -- congresswoman Nan Hayworth a member of the house financial services committee.
-- run courtesy of thank you for being here -- so the Republicans.
Call this a slush fund it is called the preventative.
Health care fund that I've looked at some of the things that it benefits that it.
Passes out condoms to prevent the spread of HIV and aids it it tells people who stop smoking it tells people to stop -- to avoid -- obesity.
Doesn't seem like it's the most vital part of that new health care law.
Well even these are all things -- to have their virtues there's no question about it David but the question is.
Is this and where.
Very precious.
Health care dollars from the federal taxpayers.
Should be going because these are all initiatives they can vary.
Appropriately be pursued.
At the community level at the local level -- the state level sell it since the health and human services has very broad latitude about how those funds are being administered.
It's far more sensible to allow.
Those funds to be used to extend the subsidies -- -- student loans if that's where the American public.
-- wants us to to be this year and it certainly sounds as -- there's broad support for that.
Now Democrats.
Want to increase taxes on oil companies I suppose and also on.
On companies.
Business is making more than 250000.
Dollars you're not a lot of small businesses.
Odd that make over 250000.
Dollars -- -- they're just struggling to get right.
The Democrats really want to tax those folks.
We shouldn't be increasing taxes on anyone David and certainly you're absolutely right a lot of small businesses get caught up in these sorts of new taxes because so many of them do -- operate as S corporations or pass throughs.
So indeed what they eat what they -- Gross is put on -- -- individual taxes -- that's not the way we want and punish or small businesses -- the job creators so we need to find a responsible way.
To find that extension of the subsidy.
Let me just sticker with -- one point of both Republicans and Democrats I think are making incorrectly and that is why the rate has to cost so much -- the rate.
Does stay as at the current rate.
What is at 3.4 percent like 4% right I doubt whether it would cost six billion dollars because in fact when this law was first made back in 2007.
And the rate was half from six point 8%.
The thirty year fixed rate mortgage was at over 6% it is now at below 4%.
So -- if if you -- -- work to offer a new student loan right now it would probably be closer to 4% -- 6% so wiser -- across six billion.
While.
You know and David that's C yet computation.
That we're using -- right now I think -- wrong.
-- -- -- a conservative estimate if you well but it you know if it's wrong I'm certainly one of those people -- be happy to entertain a different figure.
So long as it comes from.
A better place than you know raising taxes.
It's okay we got we got to ask you one thing gonna on -- totally unrelated subject because I know it's near and dear to your heart.
You come from farm country upstate new York and there apparently breaking news that that the Labor Department has conceded the point.
That asking.
The kids or the children I should say because they could be up to eighteen years it.
Of age preventing them from working on the form that these new rules are not acceptable I'm sure you're happy about this right.
Very happy about it and very Burkle from our New York State Republican.
House delegation in initiated that letter to secretary of labor so lease back in December I was happy to sign onto it.
It's just common sense David so it's great.
That our pleas were heard and so many other people's pleas for common sense -- heard.
And let's hope that we can keep going in that same line and make a lot more common sense prevail here in Washington for the sake of everybody in the country.
Well it's one for the little guy Ben there's so many small farms that were concerned that -- kids we're gonna be able we're gonna form.
Scripted -- know that you can still fight City Hall if you've got to just because congresswoman Nan Hayworth from good to see a thank you for coming in appreciate it.
