President Obama Again Asks Congress to Stop Rate Hike - KTVN Channel 2 - Reno Tahoe News Weather, Video -

President Barack Obama is urging Congress to stop interest rates on student loans from doubling on July 1.

The president says millions of young people are being priced out of the college market or saddled with debt once they graduate. "We've been talking about it now for a long time, if Congress does not get this done in a week the average student with federal student loans will rack up an additional thousand dollars in debt over the coming year. If Congress fails to act more than 7 million students will suddenly be hit with the equivalent of a $1,000 tax hike. And that's not something you can afford right now."

Obama says it's "mindboggling" that the stalemate in Washington has dragged on so long.

Republicans in Congress have suggested a payment plan that gradually would increase the amount that federal workers contribute to their pensions by 1.2% over the next three years. It is based on savings the president included in his budget plan this year. (AP)