Senate Rejects GOP, Dem Plans on Student Loans.

[elleng]

Source: NYT/AP

The Senate rejected dueling Democratic and Republican plans on Thursday for averting a July 1 doubling of interest rates on federal college loans for 7.4 million students, pushing back efforts to resolve the election-season showdown until next month.

In mostly party-line roll calls, senators voted 62-34 against the GOP package and 51-43 for the Democratic version, with each falling short of the 60 votes needed for approval. Though both defeats were preordained, the twin votes gave lawmakers from each party a chance to show they favor easing students' financial burdens — and potential grist for campaign ads accusing the other side of opposing the effort.

The Senate planned to leave town later Thursday for a Memorial Day recess running through next week. Neither party wants to be accused of letting the interest rates grow at a time when voters are focused on coping in today's rough-edged economy, giving each side an incentive to eventually strike a compromise.



Read more: http://www.nytimes.com/aponline/2012/05/24/us/politics/ap-us-student-loans.html?hp

[LynneSin]

1. What a bunch of dumbasses - ALL OF THEM!

Sorry, with thousands of graduates who will be impacted by this rate increases it annoys the bejesus out of me that both sides can't come together and make this happen. Each party wants to 'claim' a victory that they were the folks that solved the issue.

It's like a bunch if idiots standing around wondering who will rescue the person drowning all while the victim is struggling to stay above water.

[elleng]

3. Right. Nothing new here.

'A 2007 law gradually reduced interest rates on subsidized Stafford loans for low- and middle-income students to 3.4 percent. To save money, it mandated that rates return to 6.8 percent for new loans as of July 1.

President Barack Obama has made preventing a rate increase a priority and has appeared at colleges and on television talk shows to promote it. Though some Republicans expressed early concerns that retaining the lower rate would fuel college tuition increases, likely GOP presidential candidate Mitt Romney endorsed freezing the rate and most GOP lawmakers have done the same.

Both measures rejected Thursday would delay the interest rate increase for a year at a cost of $6 billion, but each side's bill was paid for in a way the other couldn't tolerate. Democrats proposed raising Social Security and Medicare payroll taxes on high-earning owners of some privately held companies and professional practices, while Republicans would abolish an Obama preventive health program.

That idea drew a White House veto threat when Republicans used it to pay for their House-passed bill in April.'

[24601]

10. You mean the rate doesn't go up on existing loans? Are you sure - that doesn't sound

like what's being said in the debate rhetoric.

[elleng]

11. Quoting from NYT,

which doesn't mean the "facts" reflect the debate rhetoric, of course!

[rsmith6621]

2. Hey.......

At least they are on their way home for a much needed break...AGAIN....

[Garion_55]

4. how is 62 votes against 'mostly party line'?

just curious

[Fearless]

5. All of Republicans and then some DINO's no doubt.

[karynnj]

8. No - the 62 is against the REPUBLICAN plan

There were 51 votes for the Democratic plan - Webb voted against it and Blumenthal was not voting (likely Reid knew and it was clear that the votes were not there.)

The difference is that some Republicans were against their plan even though it was funded by cutting a preventative health care program.

[Fearless]

9. Whoops read the wrong numbers.

[DallasNE]

6. What Kind Of Compromise Is Available

The Democrats version was an extension of current law to keep interest rates low. Any "compromise" would be an increase in the interest rates.

Either that or Republicans want to now "pay" for extending the existing law by cutting a provision of the Affordable Care Act, which is a completely unrelated item. Never mind that like most everything before Obama, nothing was ever paid for. Not the wars in Iraq and Afghanistan. Not the prescription drug benefit for seniors. Not the Bush tax cuts. Now, all of the sudden these people have these "principles" --- yeah right.

[alp227]

7. I recommend that students with loans march to Washington and scream at the senators.

With all this obstruction and lack of productivity in the current Congress I wonder why there isn't a daily march on Washington.