As Deadline Nears, Dueling Student Loan Bills Stall in Senate
Despite agreeing that low federal student loan interest rates should be extended, Democrats and Republicans have not been able to come together to do so. On Thursday, the Senate rejected two competing plans that would have kept student loan rates from doubling to 6.8 percent on July 1.
The issue: Neither side can figure out how to pay for the $6 billion it would cost to keep the interest rates low. Republicans want to close a fund that pays for preventive health care to offset the cost, while Democrats would eliminate some business tax breaks. –TEB
Wait, before you go…The Hill:
The failure of the two measures — one backed by Democrats and one backed by Republicans — guarantees both parties will continue to battle over how to keep the loan rate low over the coming weeks, right through spring graduations that have helped call attention to the issue.
The Democratic bill failed in a 51-43 vote — attaining a majority, but short of the 60 required for passage. Sen. Jim Webb (D-Va.) was the only Democrat to vote against the bill. Sen. Olympia Snowe (R-Maine) voted present.
Just before that vote, the GOP bill, which was offered as a substitute amendment and also needed 60 votes, failed 34-62. Snowe voted present again, and nine Republicans voted against the amendment.
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.
Support Truthdig
There are currently no responses to this article.
Be the first to respond.