Interest Rate Reduction Act passes House - KWWL - Eastern Iowa Breaking News, Weather, Closings

Interest Rate Reduction Act passes House


A bill keeping student interest loan rates from doubling passed the House of Representatives Friday.

The Interest Rate Reduction Act passed with a 215-195 vote despite threats from Democrats to veto the measure.

The White House and most democrats oppose the $5.9 billion bill because the way Republicans cover its costs by taking funds from preventive programs in President Obama's health care law.

The bill now heads to the Senate where its expected to be ignored. The Democrat controlled Senate is likely to pass their own version.



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