Senate rejects dueling student loan relief bills

Washington (CNN) -- The Senate, in the latest round of political maneuvering on a popular campaign issue, Thursday rejected competing Democratic and Republican proposals to prevent student loan rates from doubling to 6.8% in July.

While leaders of both parties insist they want to keep the federally backed rate at 3.4% for another year, they sharply disagree over how to pay the $6 billion tab necessary to do so.

Senate Democrats want to eliminate certain tax benefits for small business owners, while Senate Republicans want to cut a preventive-care fund created in 2010 as part of President Barack Obama's health care reform law.

Senators rejected the Democratic plan in a 51-43 vote; they rejected the GOP proposal in a 34-62 vote. Sixty "yes" votes were necessary to win Senate approval.
While neither measure was expected to pass, leaders on both sides of the aisle wanted the opportunity to vote for their plan instead of merely voicing opposition to the other party's proposal.

http://www.cnn.com/2012/05/24/politics/senate-student-loans/index.html?hpt=hp_bn5