School Loan Plan Regulation without Representation?

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President Obama unveiled a new plan Wednesday aimed at giving faster relief to debt-laden college graduates.

The College Board reports roughly 56 percent of college graduates from four-year public universities had about $22,000 in debt.

The president assured students at University of Colorado Denver that school debt was a reality with which he and his wife, first lady Michelle Obama, were all too familiar.

"I've been in your shoes. We did not come from a wealthy family," Obama said, drawing cheers from the audience.

The president said his plan will help students consolidate their loans, get lower interest rates, and lower their monthly payments.

Click play to watch CBN News Sr. Editor John Waage's updated report.

Regulation without Representation?

Critics of the new plan say constitutional checks and balances are being put to the test as Obama wants to bypass Congress to implement the plan.

Phil Kerpen, vice president for policy at Americans for Prosperity, said lawmakers need to pass legislation putting the brakes on the president's strategy.

"This bill basically says any economically significant regulation coming out of the executive branch or the agencies, has to go to Congress for an up or down vote, and it cannot take effect unless Congress approves it," Kerpen said.

"That won't eliminate all regulation," he acknowledged. "But it will end regulation without representation."

Boehner: Time to Work Together

Meanwhile, House Speaker John Boehner, R-Ohio, said he agrees with the president's latest catchphrase, "We can't wait."

He encouraged Senate Democrats to take action on 15 measures languishing in the upper chamber that he says would help create jobs.

"It's time for the Senate to work with the House and to work with the president to help find common ground to move the economy forward and get the American people back to work," Boehner said.      

The president said congressional Republicans and GOP presidential contenders simply want tax cuts for the wealthy and deregulation.

"It's not as if we haven't tried what they're selling. We have. And it didn't work," Obama said.

At a recent town hall meeting in Davenport, Iowa, presidential candidate Newt Gingrich fired back,saying "This economy will start to get better late on election night when people realize Obama's defeat."

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Mark Martin is a reporter and anchor at CBN News, covering various issues from military matters to alternative fuels. Mark has reported internationally in the Middle East and traveled to Bahrain to cover stories on the U.S.S. Dwight D. Eisenhower. Follow Mark on Twitter @MarkMartinCBN and "like" him at Facebook.com/MarkMartinCBN.