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President Obama believes education is critical to creating an economy built to last, keeping America competitive and growing our economy from the middle class out.

Nationwide student-loan debt, which already outpaces credit card debt, is estimated to hit $1 trillion today. The U.S. Senate voted today on whether federal student-loan interest rates should double on July 1, which would cost more than 7 million students an extra $1,000. It was blocked by a minority of Republican senators who object to closing business tax loopholes.

Senate Republicans stood with big business yesterday, voting to double student loan interest rates to protect tax loopholes and giveaways for Big Oil and rewarding companies that ship jobs overseas. Mitt Romney is the Republican Party’s standard bearer, and he failed to stand up to the Republican Senators he should be leading.

Romney Economics: In both the public and the private sector, Romney favored short-term profits that helped only those at the top over long-term investments that helped everyone. He would do the same to our children’s education, putting budget-busting tax cuts for the wealthiest ahead of good schools and affordable higher education.

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