Protecting the Middle Class News
President Obama Urges Congress to Extend and Expand the Payroll Tax cut
Posted by on December 5, 2011 at 5:43 PM EDT
President Barack Obama delivers a statement to the Press in the James S. Brady Press Briefing Room of the White House, Dec. 05, 2011. (Official White House Photo by Pete Souza)
Just after 2:00 PM ET, President Obama stopped by the White House press briefing room to talk about the fight to extend the payroll tax cut.
"It's the right thing to do," he said -- not just for the economy, but for American workers and their families:
Although the unemployment rate went down last month, our recovery is still fragile, and the situation in Europe has added to that uncertainty. And that's why the majority of economists believe it's important to extend the payroll tax cut. And those same economists would lower their growth estimates for our economy if it doesn’t happen.
Not only is extending the payroll tax cut important for the economy as a whole, it's obviously important for individual families. It's important insurance for them against the unexpected. It will help families pay their bills. It will spur spending. It will spur hiring.
On Thursday, the Senate voted on extending the tax cut, but Republicans blocked the proposal. The President, however, said we're starting to see evidence that lawmakers might be ready to put politics aside and do the right thing for the middle class:
Now, the good news is I think the American people's voices are starting to get through in this town. I know that last week Speaker Boehner said this tax cut helps the economy because it allows every working American to keep more of their money. I know that over the weekend Senate Republican leaders said we shouldn’t raise taxes on working people going into next year.
Congress has 26 days to find a solution to this impasse. To underscore that point, we've started a clock on WhiteHouse.gov, counting down the time until the tax cut expires. And to make sure you have the information you need to see what this means for your family, we've put together a calculator to show how much of your money hangs in the balance. Check it out here.
By the Numbers: 26 Days and Counting
Posted by on December 5, 2011 at 3:58 PM EDT
If Congress doesn’t act, taxes on the middle class will go up in 26 days. That’s when President Obama’s payroll tax cut—signed into law last year—will end. Approximately 160 million workers will begin paying 6.2 percent of their wages in payroll taxes, rather than continuing to pay the current rate of 4.2 percent. As a result, the typical family earning $50,000 a year would pay an additional $1,000 in taxes in 2012.
As part of the American Jobs Act, President Obama asked Congress to extend and expand the payroll tax cut to continue helping middle class families--an extension Senate Republicans have already rejected once. His plan would cut the rate workers pay even further, down to 3.1 percent of their wages. Under President Obama’s proposal, the same family earning $50,000 would see an extra $1,500 in their pockets next year.
Want to see how changes to the payroll tax cut will affect you starting January 1st? Use our calculator to find out how much more you’ll be paying if Congress doesn’t act in the next 26 days...and counting.
Weekly Address: Extending and Expanding the Payroll Tax Cut
Posted by on December 3, 2011 at 7:00 AM EDTPresident Obama calls on Congress to extend and expand the payroll tax cut -- to protect middle class families and ensure that the economy continues to grow.
Transcript | Download mp4 | Download mp3
Senate Vote Against the Payroll Tax Cut: "Unacceptable"
Posted by on December 1, 2011 at 10:55 PM EDTJust now, Republicans in the Senate rejected an extension of the payroll tax cut that is set to expire at the end of the month. In a statement, President Obama called that vote "unacceptable" -- and urged Congress to stop playing politics:
Tonight, Senate Republicans chose to raise taxes on nearly 160 million hardworking Americans because they refused to ask a few hundred thousand millionaires and billionaires to pay their fair share. They voted against a bill that would have not only extended the $1,000 tax cut for a typical family, but expanded that tax cut to put an extra $1,500 in their pockets next year, and given nearly six million small business owners new incentives to expand and hire. That is unacceptable. It makes absolutely no sense to raise taxes on the middle class at a time when so many are still trying to get back on their feet.
Now is not the time to put the economy and the security of the middle class at risk. Now is the time to rebuild an economy where hard work and responsibility pay off, and everybody has a chance to succeed. Now is the time to put country before party and work together on behalf of the American people. And I will continue to urge Congress to stop playing politics with the security of millions of American families and small business owners and get this done.
Small Business Owner Says Payroll Tax Cuts Are "Game Changers"
Posted by on November 30, 2011 at 8:00 PM EDTPresident Obama was in Scranton, Pennsylvania today to talk about the importance of extending the payroll tax cut for all working Americans and their families, and for the strength of the overall economy. These tax cuts will also have a tremendous impact on America's small businesses, 91.5 percent of which have fewer than 5 employees. The White House Business Council spoke to the owner of one such business in Knoxville, Tennessee who says the President's plan will help her business grow by freeing up her own capital, and that of her potential and existing clients as well.
The tax code and creativity are not commonly linked in the minds of most people. Not so for Jenny Hines, President of Hines and Company Accountants, located in Knoxville, Tennessee. “I was always interested in taxation not simply because of the planning and number crunching,” says Jenny, “but because that planning required a certain level of creativity.”
After graduating from the University of Tennessee with a Masters Degree in Taxation, Hines went to work for one of the largest CPA firms in the country. But after watching many of the firm’s small business clients unable to afford its services, she decided to strike out on her own. “There was an attitude at the large firm – and it certainly wasn’t everybody, but still – that was ‘How little work can we do, and still charge the client?’ People and their businesses were too often treated like commodities."
Learn more about EconomyBy the Numbers: $1,500
Posted by on November 30, 2011 at 6:28 PM EDT
President Obama’s proposed payroll tax cut would put an extra $1,500 in the pockets of the typical American family that makes $50,000 a year.
But if Congress doesn’t act soon, the same family could see their taxes go up by $1,000.
The President was in Scranton, Pennsylvania today urging Congress to take action and extend the payroll tax cut. More than 6 million people in the state would see their taxes go up if they don’t.
Want to find out how you would be affected by President Obama’s payroll tax cut—or how much more you’ll pay if Congress doesn’t act? Check out our Payroll Tax Cut Calculator.
President Obama at Scranton High
Posted by on November 30, 2011 at 6:01 PM EDT
President Barack Obama delivers remarks about the American Jobs Act at Scranton High School in Scranton, Pa., Nov. 30, 2011. (Official White House Photo by Pete Souza)
If Congress doesn't extend the payroll tax cut, 6.7 million people in Pennsylvania will see their taxes go up.
That's the message that President Obama took to Scranton this afternoon. He told a crowd assembled in the town's high school auditorium that if Congress fails to extend the tax cut through 2012, it would deliver a "massive blow" to the nation's economy:
[If] Congress doesn’t act to extend this tax cut -- then most of you, the typical middle-class family, is going to see your taxes go up by $1,000 at the worst possible time. A young lady just said she can’t afford that. It would be tough for you.
The Senate is set to vote on extending these tax cuts as early as this week, and the President told people in Scranton to send their lawmakers a message:
[To] everybody who is here, everybody who is watching, send your Senate a message -- send your senators a message. Tell them, "Don't be a Grinch." ... Don’t vote to raise taxes on working Americans during the holidays. Make sure to renew unemployment insurance during the holidays. Stop saying "no" to steps that would make our economy stronger. Put our country before party. Put money back into the pockets of working Americans. Do your job. Pass this bill.
Read the full remarks here.
Bargain Hunters Be Wary
Posted by on November 29, 2011 at 5:04 PM EDTAs Americans kick off the holiday shopping season, it's a good time to remember the importance of making responsible purchases and rejecting counterfeits that pose a threat to American jobs, safety and health. Today I joined Attorney General Eric Holder and other Administration officials at the White House to announce progress we’ve made cracking down on intellectual property theft crimes, and to launch a public awareness campaign to combat the purchase and sale of counterfeit and pirated products.
As President Obama has said, in order to win the future in the global economy America must out innovate our competitors. Intellectual property theft undermines our nation's innovators and entrepreneurs. The new campaign will educate the public about the full range of intellectual property crimes we confront, from counterfeit consumer goods and fake pharmaceuticals laced with potentially dangerous substances to illegal downloads, while highlighting the potential threat these crimes pose to economic prosperity and public safety. The campaign will include a television PSA, materials delivered through social media, and radio, web, and print ads.
The Administration has been proactive on multiple fronts in order to increase intellectual property enforcement. We have increased law enforcement efficiency, advocated for legislative reform, informed the public about the negative impacts of intellectual property theft, and engaged the private sector to foster cooperation and create voluntary solutions through productive conversations. Today’s announcement marks an important milestone in the Administration’s ongoing efforts to curb intellectual property theft that harms the economy, undermines job creation, undermines innovation, and jeopardizes the health and safety of American consumers.
At the event, Attorney General Holder and I were joined by Acting Deputy Secretary of Commerce Rebecca Blank, who discussed the ways in which counterfeit goods impact the everyday lives of American families. Director of Immigration and Customs Enforcement John Morton was also in attendance to discuss ongoing Administration law enforcement efforts concerning counterfeit goods and intellectual property crimes. And Ann Harkins, National Crime Prevention Council President and CEO, was on hand to unveil the products of the campaign that will help build awareness about the harm caused by counterfeit goods and engage the public in stopping intellectual property theft.
For more information about the campaign, visit: http://www.ncpc.org/getreal.
Cyber Monday: Providing Americans the Online Protection They Deserve
Posted by on November 28, 2011 at 5:33 PM EDTThe return of Cyber Monday brings great deals for consumers, but also serves as a reminder of the need for shoppers to be vigilant and for cybersecurity legislation to protect Americans from e-predators.
In 2005, the online retail industry declared the Monday after Thanksgiving to be Cyber Monday, a day that holiday shoppers could find bargains online akin to the promotions made available by walk-up stores on Black Friday. Consumers responded enthusiastically with almost half a billion dollars in purchases that year, a figure that jumped to over one billion dollars on Cyber Monday 2010—the first time ever that online spending in a single day exceeded the billion dollar figure, according to comScore. In an interesting twist, online retailers upped the ante this year by offering some holiday bargains on Black Friday exclusively via mobile devices, tempting shoppers with online bargains at the very moment they were navigating through the hordes of fellow shoppers last Friday.
The ever-increasing popularity of Cyber Monday mirrors the astonishing growth of online shopping year round. ComScore estimates that online retail shopping in the third quarter of 2011 amounted to over $36 billion in sales, a 13 percent increase from the previous year and the fourth consecutive quarter of double-digit growth rates. At this pace, retail e-commerce sales will exceed $160 billion for the year.
Yet the risk of cybercrime is real, including online identity theft that affects millions of Americans each year and causes billions of dollars of harm to the U.S. economy. In May the Administration proposed a legislative package that reflects the ideas of congressional leaders and that would enhance security for online shoppers as well as bolster the integrity of government networks and other critical infrastructure. It’s time to enact this legislative proposal and bolster cybersecurity and trust in the Internet, so that it remains an engine of innovation and economic growth.
Tom Power is Deputy Chief Technology Officer for Telecommunications
Learn more about Economy, TechnologyPresident Obama's Record on Taxes
Posted by on November 22, 2011 at 7:25 PM EDT
President Barack Obama makes a local stop at Julien's Corner Kichen in Manchester, New Hampshire, Nov. 22, 2011, to sit-down with the Corkery family to discuss the importance of extending and expanding the payroll tax cut. Chris Corkery is a retired colonel, having served 26 years in the United States Army. Chris has been a math teacher at Manchester Central High School for the past 12 years. His wife, Kathy, a small business owner, and their two sons, Andrew and Nicholas attended. (Official White House Photo by Pete Souza)
Right now, President Obama is going all out to extend the payroll tax cut for the middle class -- and expand it for 2012.
And that effort underscores an important fact: This President has proposed and enacted thousands of dollars of tax relief for American families and small businesses.
In his first year in office, President Obama cut taxes for 95 percent of working families through the Recovery Act with the Making Work Pay tax cut.
With that same piece of legislation, he created the American Opportunity Tax Credit -- which is currently helping more than 9 million families afford the cost of college.
The Recovery Act also lowered the threshold for refunds through the Child Tax Credit -- providing a tax cut to 11.8 million working families.
The President also expanded the Earned Income Tax Credit for families with three or more children -- giving them a tax cut of up to $640 this year.
President Obama has passed tax cuts for small businesses 17 times. These measures range from allowing corporation to expense 100 percent of their new investments until the end of 2011 to creating a new deduction for health care costs for the self-employed.
And just this week, the President also signed legislation to create tax credits for businesses that hire veterans.
If Congress passes the American Jobs Act, a typical family of four would see their taxes decrease an additional $2,325 -- bringing their total tax relief to about $5,425 for the President’s first term.
That number goes up if the family is helping their kids pay college tuition.
This lower tax rate hasn't come about through happenstance. It's a product of hard work from President Obama. Those of us in the middle class have more money in our pockets because the President made it a priority.
And it's going to take more hard work between now and the end of the year to keep things that way.
Learn more about TaxesPresident Obama Talks Taxes
Posted by on November 22, 2011 at 5:55 PM EDT
President Barack Obama delivers remarks on the American Jobs Act at Manchester Central High School, Manchester, New Hampshire, Nov. 22, 2011. (Official White House Photo by Pete Souza)
In 40 days, our taxes will go up -- unless Congress steps in to change that. And speaking from New Hampshire today, President Obama talked about that situation:
[Last] year, both parties came together to cut payroll taxes for the typical household by $1,000 this year. That’s been showing up in your paychecks each week. You may not know it, but it’s been showing up because of the action that we took. Which reminds me, by the way, the next time you hear one of these folks from the other side coming in talking about raising your taxes, you just remind them that ever since I’ve gotten into office, I’ve lowered your taxes, haven’t raised them. That’s worth reminding them. But this payroll tax is set to expire at the end of next month. End of next month, end of the year, this tax cut ends. And if we allow that to happen -– if Congress refuses to act -– then middle-class families are going to get hit with a tax increase at the worst possible time. For the average family, your taxes will go up $1,000 if Congress does not act by the end of the month.
Now, we can’t let that happen. Not right now. It would be bad for the economy. It would be bad for employment.
The American Jobs Act, the President said, actually does one better. It expands expands the tax cut for individuals and cuts payroll taxes for small business owners:
Instead of a $1,000-a-year tax cut next year, the average working family would get a tax cut of more than $1,500. And that’s $1,500 that would have been taken out of your paycheck, would instead be going into your pocket. And that means you’d be spending in small businesses, and that would increase their business, which means they would potentially hire more people.
The American Jobs Act would also cut payroll taxes in half for small business owners. Say you have 50 employees making $50,000 apiece. You’d get a tax cut of nearly $80,000. That is real money that you can use to hire new workers or buy new equipment.
When Congress takes up this issue after the holiday, the President said, lawmakers have a choice:
Do you want to cut taxes for the middle class and those who are trying to get into the middle class? Or do you want to protect massive tax breaks for millionaires and billionaires, many of whom want to actually help? Do you want to help working families get back on solid ground and grow this economy for all of us? Or do you really want to vote to raise taxes on nearly 160 million Americans during the holidays? When push comes to shove, are you willing to fight as hard for working families as you are for the wealthiest Americans? What’s it going to be? That’s the choice.
Read the full remarks here. Or check out our calculator to learn what Congressional inaction means for your family.
A More Sustainable Future
Posted by on November 22, 2011 at 4:30 PM EDTAll across the country, thousands of Americans spend a great amount of time commuting to their jobs. This is precious time that could be spent with their families and not sitting in traffic. As our families grow and our lives get busier, living close to work becomes vital to our quality of life. We are constantly looking for a better solution, something to make things just a little bit easier.
Now, thanks to nearly $96 million in Sustainable Communities Awards announced this week, 27 communities and 29 regions across the country will be able to establish a more livable, equitable, and economically competitive future. These funds, awarded to two grant programs, are poised to help change the face of communities across the country.
The Community Challenge Grants aim to reform and reduce barriers to achieving affordable, economically vital and sustainable communities. Awarded to large and small communities, these funds will help address local challenges to integrating transportation and housing. Funds awarded to communities may also be used to retrofit main streets to provide safer routes for children and seniors and to preserve affordable housing and local businesses near new transit stations.
The Regional Planning Grants allows grantees to support efforts that integrate housing, land-use, economic and workforce development, transportation, and infrastructure developments. This will empower regions to consider how all of these factors work together to create more jobs and economic opportunities.
As a direct result of this funding thousands of jobs will be created and will impact the lives of 45.8 million Americans. This means that 45.8 million Americans will be able to spend less time in their cars and more time at home with their families.
Read a complete summary of each grant awarded funding today.
Learn more about Economy, Urban PolicyPresident Obama on the Supercommittee's Failure to Reach a Compromise
Posted by on November 21, 2011 at 8:31 PM EDTThis afternoon, the group of lawmakers tasked with cutting an additional $1 trillion from the deficit announced that their effort had failed.
President Obama addressed that situation from the White House Briefing Room just before 6:00 PM ET.
While some members of Congress are talking about undoing the automatic spending cuts that will take effect in 2013 if lawmakers can't reach a compromise, the President said that kind of backpeddling is unacceptable:
I will veto any effort to get rid of those automatic spending cuts to domestic and defense spending. There will be no easy off ramps on this one.
There is still plenty of time for Congress to act, and there are a range of issues that demand their immediate attention.
That starts with the payroll tax cut. Without a vote from Congress, taxes for nearly every American will go up on January 1st.
"I'm not about to let that happen," President Obama said.
Learn more about EconomyPresident Obama: "Hire a Veteran"
Posted by on November 21, 2011 at 6:51 PM EDT
President Barack Obama signs the Veterans Opportunity to Work to Hire Heroes Act of 2011 (VOW to Hire Heroes Act), that will provide tax credits to help put veterans back to work. First Lady Michelle Obama, Vice President Joe Biden and Dr. Jill Biden attend the ceremony in the Eisenhower Executive Office Building South Court Auditorium, Nov. 21, 2011. (Official White House Photo by Pete Souza)
This morning, President Obama signed the "VOW to Hire Heroes Act" into law, telling those in attendance:
Back in September, I sent Congress a jobs bill. And in it, I proposed a tax credit for any business that hires a veteran who’s been unemployed for at least four weeks. I proposed an even bigger tax break if a business hires a veteran who’s been unemployed for at least six months. And if a business hires an unemployed veteran with a disability related to their service, I proposed doubling the tax break that we already have in place.
Today, because Democrats and Republicans came together, I’m proud to sign those proposals into law. And I urge every business owner out there who’s hiring to hire a veteran right away.
The is just one of the intiatives the President has enacted in order to ensure that the country fulfills its obligation to our servicemembers and their families.
And it's just one part of the President's plan to put the American people back to work. At the bill signing, he told lawmakers that families all over the country are demanding the same kind of bold, bipartisan action.
"My message to every member of Congress is keep going," President Obama said, "Keep working."
Read more:
- Tax credits for employers who hire unemployed veterans and veterans with service-connected disabilities are just one important part of the Obama Administration's plan to to help veterans translate their military skills for the civilian workforce, New online tools are available to aid their search for jobs, and the Administration has partnered with the Chamber of Commerce and the private sector to make it easier to connect our veterans with companies that want to hire them.
- Read the story of Jason Hansman, who managed hundreds of reconstruction projects that totaled millions of dollars while serving in Iraq, but receieved only one job offer, to fill a night mall cop position.
- Read the story of Navy veteran Eric Smith, who has more than five years experience as a military medic, but works today as a hospital janitor.
- Read the story of Maria Canales, an Army veteran who spent nearly four years looking for a job because she had trouble communicating how the skills she learned in the military prepared her to be an excellent employee in the civilian workforce.
America's Small Business Owners Can't Wait for Congress To Act
Posted by on November 11, 2011 at 1:30 PM EDTOn Thursday, Republicans and Democrats in the Senate did the right thing and voted to pass tax credits that will encourage businesses to hire America’s veterans. A group of business owners who recently met with the White House Business Council say they hope that Congress will pass the other provisions in the American Jobs Act and support their efforts to grow their companies and create jobs in their communities.
Learn more about Economy"A Victory for the Middle Class" in Ohio
Posted by on November 9, 2011 at 2:35 PM EDTYesterday was Election Day across the country, and last night, once the results were known, Vice President Joe Biden issued a statement congratulating the people of Ohio for rejecting Issue 2 -- a law that would have stripped public employees of their collective bargaining rights.
The Vice President said:
Tonight the people of Ohio delivered a gigantic victory for the middle class with their overwhelming rejection of a Republican attempt to strip away collective bargaining rights. Fundamental fairness has prevailed. By standing with teachers and firefighters and cops, Ohio has sent a loud and clear message that will be heard all across the country: The middle class will no longer be trampled on. The people of Ohio are to be congratulated.
Press Secretary Jay Carney echoed those thoughts:
The President congratulates the people of Ohio for standing up for workers and defeating efforts to strip away collective bargaining rights, and commends the teachers, firefighters, nurses, police officers, and other workers who took a stand to defend those rights.
In his joint address to Congress to introduce the American Jobs Act, President Obama touched on the importance of collective bargaining -- and why doing away with those rights is not the way to get people back to work:
I reject the idea that we have to strip away collective bargaining rights to compete in a global economy. We shouldn’t be in a race to the bottom, where we try to offer the cheapest labor and the worst pollution standards. America should be in a race to the top. And I believe we can win that race.
The Ohio measure lost in a landslide, with 62 percent of voters choosing to reject the law.
Learn more about Civil Rights, EconomyHow the Recovery Act Lifted Millions from Poverty
Posted by on November 7, 2011 at 4:24 PM EDTOn Monday morning, the Census Bureau released findings that provide a more accurate look at the impact public policy has on poverty. These data demonstrate that policies supported and extended by the President to give a helping hand to those hit hardest by the recession – tax cuts for working families, assistance for basic food costs and school lunches, and help with housing – kept millions of Americans out of poverty last year.
Additionally, the Center on Budget and Policy Priorities released a new report based on the Census Bureau’s new data which found that provisions passed as part of the Recovery Act directly lifted nearly 7 million Americans out of poverty in 2010 and reduced poverty for 32 million more. This is on top of 6 million people lifted out of poverty by these policies in 2009. And these numbers are conservative estimates that do not reflect the indirect benefits from the jobs created through these policies.
In contrast to this approach, Republicans in Congress opposed all of these measures and passed a budget that would both cut back on many of these programs and also convert them into block grants, which would prevent them from automatically expanding in hard times. Had we followed that path, many more Americans would be in poverty today.
Weekly Address: We Have to Increase the Pace
Posted by on November 5, 2011 at 5:30 AM EDTSpeaking from the University of Pittsburgh, Vice President Biden argues that this month’s jobs numbers demonstrate that Congress should pass the American Jobs Act to strengthen our economy and create jobs right away.
Transcript | Download mp4 | Download mp3
Learn more about EconomyVice President Biden Talks College Affordability in Pennsylvania
Posted by on November 4, 2011 at 6:29 PM EDT
Vice President Joe Biden answers questions after giving a speech on jobs and education at the University of Pittsburgh, in Pittsburgh, Pennsylvania, November 4, 2011. (Official White House Photo by David Lienemann)
On Friday, Vice President Biden spoke to a group of students at the University of Pittsburgh. Making it easier to pay for college has been a top priority of the Middle Class Task Force and our entire Administration since the President and Vice President came into office. We stopped paying private lenders to act as middlemen for federal student loans, and invested the savings in student aid. We increased the maximum Pell Grant award by more than $800. And we created the American Opportunity Tax Credit to give students up to $10,000 over four years to help with tuition and other expenses.
Today, the Vice President focused on our latest initiative – capping student loan payments. Current law allows borrowers to limit their federal loan payments to 15 percent of their discretionary income and forgives all remaining debt after 25 years, or 10 years for graduates working in public service jobs. Last year, following a recommendation from the Middle Class Task Force, the President proposed, and Congress enacted, a plan to lower payments even further starting in 2014. But many students can’t wait until 2014 for relief. So last Wednesday, the President announced an executive action that will cap federal loan payments at 10% of discretionary income and shorten the forgiveness timeline to 20 years starting next year.
We estimate that this new cap lower payments for 1.6 million borrowers, including 60,000 Pennsylvanians. Many of these borrowers will save hundreds of dollars every month. For example, a teacher with $25,000 in debt and a $30,000 salary would see her monthly payments drop from $287 under the standard repayment plan to $114 under the new cap. You can learn more about our plan to help students here.
Holly Petraeus Talks the Consumer Financial Protection Bureau in the Senate
Posted by on November 3, 2011 at 5:12 PM EDTThis morning, Holly Petraeus -- the assistant director for the Office of Servicemember Affairs in the Consumer Financial Protection Bureau -- testified before the Senate Banking Committee.
She was there to talk about the way that predatory lenders often target servicemembers and how military families cope with economic hardships -- especially during deployments.
She told Senators:
In my role as a military family member, I have seen the problems that can arise for our servicemembers who may experience “too much month and not enough money.” I have also seen first-hand the devastating impact financial scams and predatory lending can have on servicemembers and their families. Unfortunately there are still too many young troops learning about wise spending through hard experience and years of paying off expensive debt.
Her remarks make a powerful argument for the ways that the CFPB will help combat the lenders who try to take advantage of consumers -- and underscores why it's so important that the Senate confirm Rich Cordray.
Take a minute to check them out: http://go.usa.gov/XMf
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