Senate Republicans Block Student Loan Rate Freeze Plan
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U.S. Senate Republicans blocked Democrats’ proposal to cover the cost of a one-year freeze in government student loan interest rates by requiring some professional services firms to pay withholding taxes on their income.
The Senate, in a 52-45 vote with 60 required, didn’t advance the plan to avert a July 1 increase in college-loan interest rates to 6.8 percent from 3.4 percent. No Republicans joined Democrats in voting to advance the measure.