As we've explained, if Congress doesn't act by July 1, interest rates will double on federal student loans. The Senate today rejected both a Democratic bill and a Republican bill, which is what happens when you combine the filbuster rule with strict party-line voting and a Senate in which neither party has 60 members. This AP story describes the situation:
Both [the Democratic and Republican] measures rejected Thursday would delay the interest rate increase for a year at a cost of $6 billion, but each side's bill was paid for in a way the other couldn't tolerate. Democrats proposed raising Social Security and Medicare payroll taxes on high-earning owners of some privately held companies and professional practices, while Republicans would abolish an Obama preventive health program.
UPDATE: Read more here.
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