House Passes Student Loan Bill With Veto-Proof Majority newsvine furl google yahoo netscape

Yesterday, the House of Representatives knocked off another of the 100 hours legislation items: a 50% cut in the interest rate on student loans.

The legislation passed by an astounding 356 to 71 margin with many, many Republicans crossing over to vote with the Democrats.

One issue in the legislation however is that the reduction is only for five years. The reason it is temporary is due to another Democratic commitment to offset spending increases, which this would be, with cuts elsewhere. To make the reduction permanent would be more expensive than the Democrats wish to see cut in other places.

It is expected that the legislation will be tied up in the Senate, however, as Senator Ted Kennedy is planning to introduce the legislation as part of a much broader education package that is unlikely to garner such broad support.


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