WASHINGTON, D.C. -- Republicans blocked the Senate from debating a Democratic bill that would keep interest rates on college loans from doubling this summer for more than seven million students.
Tuesday’s vote was 52 to 45 to debate the measure, eight votes short of the 60 needed.
Interest rates on federal student loans are scheduled to double to 6.8 percent from the current 3.4 percent in July unless Congress acts. Democrats and Republicans disagree over how to offset the $6 billion it would cost to keep the rates down.
Democrats want to eliminate a tax break for some corporations, while Republicans want to pull funds from a preventative health care fund set up under the health reform law.