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GOP blocks Senate debate on student loan bill
President Obama thanks you!
President Obama thanks you!
WASHINGTON (AP) Senate Republicans derailed a Democratic bill on Tuesday aimed at keeping interest rates on federal college loans from doubling July 1 in an election-year battle aimed at the hearts and votes of millions of students and their parents.
Republicans said they favor preventing the interest rate increase but blocked the Senate from debating the $6 billion measure because they oppose how Democrats would pay for it: Boosting Social Security and Medicare payroll taxes on high-earning stockholders of some privately owned corporations.