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Saturday, April 28, 2012

House Defies Obama and Passes Student Loan Billl

Defying a veto threat from President Obama, the House voted Friday to extend federal student loan subsidies for another year, and cover the added cost by slashing a prevention fund from Democrats’ health bill.

The 215-195 vote puts the House GOP on a collision court with the Senate, where Democrats also want to extend the subsidies — but would rather raise taxes on a type of income from business partnerships to fund the new spending.

“My God, do we have to fight about everything?” said House Speaker John A. Boehner in an angry speech from the House floor accusing Democrats of trying to create a political fight where there is general agreement.

But Mr. Boehner had to rely on Democrats to get the bill through, after 30 Republicans balked and said they couldn’t support it.

In all, 13 Democrats voted along with 202 Republicans for the measure, which would extend into the next school year a 3.4 percent interest rate for government-backed loans. Without the legislation, interest rates will rise to 6.8 percent on July 1.

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