Student loan bill blocked in Senate

Senate Republicans successfully beat back a bill that would have kept the interest rate on student loans at 3.4%, stopping a scheduled rise in the rate to 6.8%. Politico: The legislation failed to muster the 60 votes needed to break a GOP-led filibuster. Senate Republicans vehemently opposed the measure because it would've eliminated a tax loophole for certain businesses - a move the GOP called a tax hike on job creators. The vote was 52-45, with Sen. Olympia Snowe (R-Maine) voting present. "While we don't think young people should have to suffer any more than they already are as a result of this president's failure to turn the economy around, we just disagree that we should pay for a fix by diverting $6 billion from Medicare and raising taxes on the very businesses we're counting on to hire these young people," said Senate Minority Leader Mitch McConnell (R-Ky.), who called the fight a "manufactured controversy" cooked up by Democrats. Senate Majority Leader Harry Reid...(Read Full Post)