Who is responsible for the student loan debacle?

Here's what Rush had to say on the subject:

RUSH: Folks, you know, Open Line Friday's kind of loosy-goosy sometimes, and a lot of us are fatigued at the end of the week, looking for lightheartedness. But this is some serious stuff, and it confirms every instinct that every person alive in this country knows. There isn't any economic growth. There's government growth, but there isn't any private sector growth. There's no growth in jobs: 120,000 jobs were created last month, according to the news from yesterday. It's just pathetic. It is why Obama is running around making things up about the "War on Women" and now the student loan interest rate doubling. Which, by the way, Boehner, the Republicans are gonna vote today on a bill to make sure that the interest rate does not double on July 12th.

And remember again that's a Democrat law, 2007, the Democrats ran both the House and the Senate, that's when they took over the House. They won the elections in 2006. Pelosi was Speaker, and the Democrats, looking forward to 2012 being an election year, they thought that Hillary was gonna be president, 2007. They thought they'd successfully demonized all Republicans with the never ending assaults on George W. Bush. So they were confident they were gonna have a Democrat in the White House in 2012, they gonna win in 2008.

So they started playing a political game with the student loan interest rate, and they essentially cut the student loan interest rate in half and then wrote legislation that would restore it in July of 2012, knowing full well people wouldn't remember five years ago that it would just appear as though the student loan interest rate was doubling, which that's exactly what it's gonna look like. And guess who's running the House? The Republicans. And so the point was, it was an insurance policy. The Democrats, like the Soviets, they're always looking a hundred years down the road, not just to tomorrow. So they put in place this scheme where the student loan interest rate would appear to double when all it was doing was being restored to what it had always been. And all the better if the Republicans ran the House.

Now, if the Republicans were not running the House, if the Democrats were still in charge, then of course they would pass legislation canceling the increase. It wouldn't be an issue; nobody would know anything about it; it would just be same old low interest rate. But the Republicans running the House, it's scheduled now because of Democrat legislation to restore to what it was, which is gonna appear to be doubled in July. So the Republicans are readying legislation to prevent that from happening. It will be very interesting to see how the Democrats in the Senate vote on this, and the Democrats in the House as well.