WASHINGTON - Speaker John Boehner says the House will vote Friday on a Republican bill preventing interest rates on federal student loans from doubling this summer. But the legislation will be paid for by cutting money from President Barack Obama's health care overhaul law.
With both parties competing for election-year support from students, Obama has been pressuring Congress to pass legislation keeping the current 3.4 percent interest rates on subsidized Stafford loans from doubling on July 1. Senate Democrats have introduced a bill that would do so, and would cover the $5.9 billion price tag by raising payroll taxes on the upscale owners of some privately owned corporations.
Boehner is trying to turn the tables on Democrats by scheduling Friday's vote, but paying for the measure in a way Republicans prefer.