The Democrats proposed a bill on Tuesday May 8, 2012 that would make the interest rates lower on college students loans, but the GOP blocked the bill.
In a vote that was 52-45 lacked 8 more votes to have enough to debate the issue. But both parties believe they will eventually come to some kind of compromise.
Harry Reid D. Nevada Senate majority leader said that the GOP claims that stopping student loan rates "Republican's showed today that it's only talk."
Presidential candidatereferred to who said the Democrats are making up a controversy to get the college students' votes by sayig, "I suggest he pick up the phone and call Senator McConnell".
McConnell said, "The Senate has ceased to be a place where problems are resolved. It's become instead a place where Democrats produce campaign material."
The Democratic bill said it would keep a subsidized Stafford loans at 3.4 not raising it for a year. It would not have any affect on oans taken out now, but would double it as of July 21, 2012
A Democratic Congress in 2007 passed a law that over time lowered rates but in July they turn back to 6.8%