McCain, Flake join Senate Republicans in blocking student loan interest rate reduction bill Mike Sunnucks Senior Reporter- Phoenix Business Journal Email | Twitter | Facebook Arizona Senators John McCain and Jeff Flake joined other Republicans in blocking a bill today that would have reduced college student loan interest rates. The vote is the last obstacle in Washington for the heated student loan issue. Senate Republicans — including the two Arizonans — blocked progress on a Democratic bill that would have temporarily brought student loan interest rates back down to 3.4 percent. Student loan interest rates went up to 6.8 percent this month after Congress failed to pass legislation keeping them at the lower level. The Democratic bill in the Senate would have brought the rates back down to 3.4 percent while Congress debates longer term reforms to college education financing. But the legislation today failed to get the 60 votes needed to move forward in the Senate. All 47 Republicans in the upper chamber — including McCain and Flake — voted against the student loan rate reduction. House Republicans earlier passed a bill that offered more variable interest rates for college student loans. Senate Democrats are pursuing different legislation but failed today to get past GOP opposition.
Posted on: Thu, 11 Jul 2013 01:17:12 +0000
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