Wintry mix spreads across Minnesota

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DFL Sen. Al Franken told a voter rally on the Twin Cities campus of  the University of Minnesota Tuesday that he does not  know why his Republican challenger, Mike McFadden,  does not support legislation that would allow millions of Americans to refinance high interest-rate student loan debt.

“You can refinance your home loan, you can refinance a business loan, you can refinance a car loan." said Franken. "Why shouldn't you be able to refinance student loans?”

Franken supported the legislation, but the Senate did not pass it.

Franken said paying off the more than $1 trillion in student loan debt owed by Americans is a strain on the US economy.  If student borrowers could refinance to lower interest rates, they would have more money to spend elsewhere, he said.

“It’s become harder for you to get married, to buy a home, to start a business, to make a purchase like a car or another high-ticket item, and that is hurting our economy,” said Franken to the applause of  a few dozen students munching on free pizza under the sun on the Northrup Auditorium mall.

Higher income taxes on millionaires would have financed the Senate legislation.

Mike McFadden said he opposes the proposal because it increases taxes. A spokesman for McFadden’s campaign said he supports allowing student loan refinancing, but that he doesn’t want to pay for it by increasing taxes.

He also suggested there are more important priorities facing the nation.

“Instead of supporting a bill to prevent American ISIS fighters from returning to the United States, Sen. Franken has chosen to play politics and duck the issues," said McFadden for Senate  spokesman Tom Erickson. "By putting partisan politics ahead of the safety and security of the United States, Sen. Franken has proven once and for all that he is too partisan to represent Minnesota. ”

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Mark Zdechlik

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Republican Mike McFadden's campaign spokesman says Franken should focus on the ISIS threat, not student loan debt.

Franken and McFadden spar over student loan debt plan

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