With federal student loan interest rates set to double July 1, the Senate failed Tuesday to get enough votes to take up a bill to extend low 3.4% rates for another year.
The vote was 52-45 to take up the bill, 8 fewer than the 60 needed to officially start debating the bill. Senate Republicans and Democrats are still negotiating a compromise, and the Senate could vote again this week.
In Washington, many lawmakers in both parties agree they'd like to extend the current 3.4% rates for another year. What they don't agree on is how to offset the $6 billion it would cost to do so, a substantial hurdle..............
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