US House to vote on student loan rate extension

By REUTERS
April 26, 2012 02:59

WASHINGTON - The US Republican-led House of Representatives, in an election-year showdown with US President Barack Obama, moved on Wednesday to avert a doubling of a low-federal student loan rate by taking money from Obama's healthcare overhaul.

US House Speaker John Boehner unveiled the proposal and announced that his chamber would vote on it on Friday - after Obama on a campaign-style tour pushed Congress to take action to preserve the low rate for millions of students.

While Boehner's measure is expected to win House passage, it will face rejection in the Senate, controlled by Obama's Democrats, said a spokesman for US Senate Majority Leader Harry Reid.

The White House, which has sought to cast Obama as champion of the middle class while painting the Republicans and their likely presidential nominee Mitt Romney as beholden to the rich, quickly pushed back against Boehner's funding proposal but held out the prospect of an election-year deal.


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