The U.S. House of Representatives approved a $26 billion grant for school districts that will prevent teacher layoffs on Tuesday, The New York Times reported. The bill, which passed with 247 votes in favor and 161 opposed, will allow "tens of thousands" of public school teachers and emergency workers to retain their jobs, according to The Times. "We can't stand by and do nothing while pink slips are given to the men and women who educate our children or keep our communities safe," President Barack Obama told House legislators, according to The Times. Republicans widely criticized the bill, claiming that it was another example of Democrats' overspending. The bill's supporters countered that the cost of the bill will be covered by a revised corporate tax provision for companies that conduct business overseas and cuts in food-stamp expenditures, The Times reported. In its rush to pass the bill last week, the Senate forgot to title the measure, leading some Republican opponents to mockingly nickname it the "blank act of blank" and question whether the legislation contains other mistakes, The Times reported. The House also approved a bill that will provide over $16 billion in Medicaid assistance, The Chronicle of Higher Education reported. By providing additional federal funding, the bill will indirectly enable states to avoid implementing cuts to their college education programs. Although several state politicians were in favor of the bill's passage, many felt their states did not receive as much funding as they had expected, The Chronicle reported.
National student loan debt has exceeded nation-wide credit card debt, the Wall Street Journal reported on Monday. Student loans total nearly $830 billion this year, with over $605 billion in federal student loans and almost $168 billion in outstanding private student loans, the Journal reported. "The growth in education debt outstanding is like cooking a lobster," Mark Kantrowitz, publisher of FinAid.org and FastWeb.com, told the Journal. "The increase in total student debt occurs slowly but steadily, so by the time you notice that the water is boiling, you're already cooked." The majority of student debt may be credit card debt, which carries a higher interest rate than student loans, and is thus likely paid off first, the Journal reported. Although students are borrowing more money in order to attend school than they did in past years, media coverage of credit card debt is 15 times greater than that of student loans, The Journal reported.
