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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.