Senate Republicans stopped a Democratic bill on Tuesday keeping interest rates on federal college loans from doubling July 1. This is an election year and the votes of millions of students and parents are on the line.
Republicans are in favor of preventing the increase in interest rates on student loans but they don’t like the way the Democrats would make up the 6 billion dollar measure. Boosting Social Security and Medicare payroll taxes on high earning stockholders of some privately owned corporations.
Republicans want to vote on their own version of heading off the interest rate increase by eliminating a preventative health fund created by Obama in this 2010 health care overhaul. The Democrats won’t pass it and if by a miracle it did pass the White House would veto.
Tuesdays vote was 52-45 in favor of starting debate on the Democratic legislation. Harry Reid was the only Democratic to defect his party line. Both parties know they will have to reach a compromise but both sides are using as an election tool.
Mitch McConnel the senate Minority Leader from Kentucky stated that Dems were using the vote as a way to drive a wedge between Republicans and a constituency that they’re looking to court ahead of the November elections. He feels that the Senate is no longer a place where problems are resolved but instead a campaign forum for the Democrats.
Democrats feel like the Republicans are only protecting wealthy tax dodgers and that is what they are, instead of helping students achieve higher education dreams.
Both sides know that a bipartisan agreement on how to finance the legislation was needed for the effort to move forward, buty dared the other to propose a plan.