House Passes Bill That Will Keep Student Loans Interests From Rising

Jun 29, 2012
Originally published on June 29, 2012 2:19 pm

By a vote of 373-52, the House passed a massive bill that among other things keeps the interest rate on student loans from doubling on July 1.

"The U.S. House of Representatives passed a massive bill on Friday combining funding for transportation programs, low-interest student loans, and the National Flood Insurance Program," the Reuters reports.

The Washington Post reports:

"A deal clearing the way for passage of the bill was reached after Republicans gave up their demands that the bill require approval of the contentious Keystone XL pipeline and Democrats gave way on environment protections.

"The development came amid a legislative session that has brought considerable scorn to the institution as a "do-nothing" Congress.

"The burst of legislating comes just four months before the November elections, giving lawmakers achievements to show off to voters who have increasingly held Congress in low esteem."

Update at 2:17 p.m. ET. Senate Approves:

The Senate has approved the measure by a 74-19 vote. The bill now heads to President Obama's desk for a signature. Obama has indicated he will sign the bill.

The AP reports that bill approves more than $100 billion on highway and transit programs and will salvage 2.8 million jobs.

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