Student loan measures fail

Published 5:00 am Sunday, June 9, 2013

WASHINGTON — Two bills that would keep the interest rate for federal student loans where it is stalled this week in the Senate.

If Congress doesn’t act, the rate will double from 3.4 percent to 6.8 percent on July 1.

One was a Democrat-sponsored plan that would keep the rate at 3.4 percent, and pay for it by closing several tax loopholes, including one that allows oil and gas companies to treat tar-sand oil imported from Canada the same way as other petroleum products. Needing 60 votes to end debate on the bill, setting up a passage vote next week, the measure failed by a 51-46 margin. All 51 yes votes came from Democrats, while 44 Republicans, one Democrat, and Maine Independent Angus King voted against it.

• Vote to end debate on the Democrat plan to keep the interest rate for federal student loans at 3.4 percent.

Jeff Merkley (D): Y

Ron Wyden (D): Y

The Senate also failed to end debate on a Republican plan that would have tied the interest rate on federal student loans to the 10-year borrowing rate of the Treasury. The new rate, which would be recalculated once a year, would add 3 percentage points to the 10-year Treasury rate. For this year, it would have reset the interest rate to 4.75 percent. Needing 60 votes to end debate, the bill failed by a 40-57 margin. Democrat Tom Carper of Delaware joined 39 Republicans in supporting the measure, while 52 Democrats and five Republicans voted against it.

U.S. Senate vote

• Vote to end debate on the Republican plan to tie the interest rate for federal student loans to the 10-year borrowing rate of the Treasury.

Jeff Merkley (D): N

Ron Wyden (D): N

Also on Thursday, the House of Representatives passed a spending bill, authorizing $38.9 billion of discretionary funds for the Department of Homeland Security for 2014. Among other things, the bill funds border security, counterterrorism efforts and emergency response to disasters. The bill passed by a 245-182 margin, with 220 Republicans and 20 Democrats forming the majority. Ten Republicans joined 172 Democrats in voting against it.

U.S. House vote

• Vote to pass a $38.9 billion Department of Homeland Security discretionary spending bill.

Greg Walden (R): Y

Earl Blumenauer (D): N

Suzanne Bonamici (D): N

Peter DeFazio (D): N

Kurt Schrader (D): N

— Andrew Clevenger, The Bulletin

Marketplace