WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell made the following remarks on the Senate floor today regarding the need for the President and Senate Democrats to put politicking aside and work on a bipartisan solution to an increase in student loan interest rates:

“Washington has had to grapple with a lot of big issues the past few years. And we’ve had some pretty heated debates — because there were real philosophical differences over how to address those challenges.

“That’s why it’s so nice to work on an issue where the two parties are in relative agreement – like student loans. Neither party wants to see rates rise in July, and both the President and Republicans generally agree on the way to make that happen. So there’s no reason we should be fighting over this issue.

“There’s no reason the President should be holding campaign style-events to bash Republicans for supposedly opposing him on student loans, when we’re in agreement on the need for a permanent reform; when the plan we’ve put forward is actually pretty similar to his own. Yet, somehow, that’s just what we saw Friday at the White House.

“Well, it’s certainly not going to help students. I mean, having a true policy debate is one thing. But provoking a partisan squabble seemingly for its own sake – it’s just ridiculous.

“Our constituents sent us here to govern, not to try to pick fake fights in some crusade to restore Nancy Pelosi to her Speakership. What I’m saying to the President and my Democrat friends is this: let’s just put the politicking aside. I mean, there’s no reason for a fight here. So I hope we can finally get to work. Students are counting on us to actually get something done.

“Here’s a quick rundown of where we are on the issue. There’s a Senate Democrat plan, but everyone knows it’s just a political bill – a short-term fix that would only apply to less than half of students who plan to take out new loans. And it would impose permanent tax hikes.

“Let me repeat that: Another temporary fix paid for with a permanent tax hike. Even the President has dismissed this approach, so in my view it’s really not worth much more discussion at this point.

“The fact is, the proposals Republicans put forward are actually closer to what President Obama has asked for. We both agree on the need for permanent reform that takes the decisions on interest rates out of the hands of politicians. The House has already passed a bill that would achieve those two goals. And Senate Republicans have put forward a bill that is also similar to the President’s proposal, as both of our plans would employ a variable market rate that, like a mortgage, doesn't change over the life of an individual student's loan.

“The President said he opposed a bill that didn’t lock in rates. Ours gives students the certainty that the President agrees they should have. So if the President were really serious about getting this done, he would’ve spent that time on Friday ringing up Senators to see how he could bridge our relatively small differences – not bashing Congress.

“This is one issue where both parties can find quick agreement, but only if Washington Democrats have the will to do so. Young Americans already have enough to worry about. They don’t need Washington creating even more problems for them. The youth unemployment rate for 20 to 24 year olds is over 13 percent. In Kentucky, it’s more than 14 percent. And once many students graduate college, they face a highly uncertain future.

“So the President has a choice to make. Does he want to push some campaign issue for 2014, or does he want to address the problem here and prevent this rate increase?”