Neumann weighs in on student loan interest rates - WKOW 27: Madison, WI Breaking News, Weather and Sports

MADISON (WKOW) -- Republican U.S. Senate candidate Mark Neumann says lowering federal student loan interest rates requires cutting spending.

Neumann held a news conference Thursday outside the Madison campaign office of Democratic U.S. Senate candidate Tammy Baldwin. Baldwin has challenged her Republican opponents to talk about student loans.

The standard rate is set to go from 3.4 to 6.8 percent on July 1. Neumann says Baldwin voted for the bill in 2007 that will cause the rate to double.

"I understand why they voted that way," Neumann said. "I understand it's to make the deficit look not as bad as it actually is, and I understand that's a budget gimmick that's used pretty regularly in Washington, D.C. and I'm adamantly opposed to it."

Republicans and Democrats are at odds over how to pay for a freeze of the interest rate at 3.4 percent. Neumann proposes cutting spending, while Baldwin has said she supports raising taxes on wealthy Americans.

Baldwin is the only Democrat in the race. Neumann faces former Gov. Tommy Thompson, businessman Eric Hovde, and state lawmaker Jeff Fitzgerald in the August primary.