President Obama wraps up his three-day western swing in Colorado today where he will outline a new executive action aimed at easing student loan repayments.
The initiative, yet another installment in Obama’s “we can’t wait” campaign, marks another attempt by the president to circumvent Republican opposition in Congress and grow the economy while his $447 billion jobs bill is stalled on Capitol Hill.
Obama will detail his new “Pay as You Earn” plan in a speech this afternoon at the University of Denver. As part of the initiative, student borrowers will be able to cap their loan repayments at 10 percent of their discretionary income starting next year, two years earlier than previously expected. The plan would also help people consolidate their loans and reduce their interest rates.
The president will return to Washington later this afternoon.