The White House and President Obama can claim a second victory this week, with the passage of an agreement to not raise the interest rates on student loans. His team, which is not always the case, was able to effectively explain to the American people what was at risk without action by Congress.
“With the measure’s passage, loan rates will remain at 3.4 percent for another year, rather than rising to 6.8 percent. The change is estimated to help more than 7 million students, saving them an average of $1,000 on their loan. Also, eligibility for a federally subsidized loan will now be capped to 150 percent of the length of a college program, meaning students enrolled in a four-year program will only be able to receive loans for up to six years.
The deal also includes a five-year extension of the National Flood Insurance Program that covers roughly 5.6 million people. The plan ends federal coverage for vacation homes and gives the government greater flexibility to set rates. The bill includes provisions requiring that 80 percent of fines paid under the Clean Water Act by the BP oil company for the the 2010 Deepwater Horizon disaster be set aside for Gulf Coast states to restore affected areas.”
The Republicans eventually dropped their push for the Keystone Pipeline and the concession from the Democrats was to no longer include conservation projects projected to cost $1.4 billion.
Read the full story here.
