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Right now there's a standoff on Capitol Hill that could have a huge impact on America's college students.
And the US economy high interest rates on federally subsidized loans just doubled.
After lawmakers failed to reach a deal before today's deadline chief congressional correspondent Mike Emanuel standing by live in Washington with more -- -- Well hi -- -- congress is not.
Here this week to address it -- students will wait to see how this plays out.
There was a bipartisan senate plan proposed by West Virginia Democrat Joseph mansion.
Republicans Tom Coburn from Oklahoma Lamar Alexander from Tennessee.
And Richard Burr of North Carolina and independent Angus -- from Maine it would -- student loans to the financial markets.
Rather than having congress that the rates.
This will be fair to taxpayers and it will be spared the student -- important emphasize this under their plan.
It would be fair to the students because we would not be reducing the federal -- on the back of the state.
Among the concern for senate Democrats on the student loan issue was how long rates would last and whether the plan would generate a surplus.
Senate Democrats are backing a plan that would have extended the current rates for two years.
We have to ensure that when students take these loans out.
They deserve predictability and certainty that they won't get locked into very for high interest rates still any adjustable rate should have a reasonable cap.
Not only do we embrace these principles.
Student organizations -- principal.
Students across this country would rather have no deal than a bad deal.
Experts say a cooling off period with lawmakers back home in their home districts may help the matter.
The broader point here is that I think some in some -- letting the -- expire could actually be a good thing.
And in that in that it brings people back to negotiating table.
I once constituency that this is gonna hit them in their pocketbooks it tends to get people back in compromising mood.
In my house Republicans seem to be enjoying the fact that they passed what they -- -- common sense plan.
And they're blasting senate senate Democrats for leaving town without taking action on behalf of students and their families Greg Mike Emanuel log in Washington Mike thanks for him --
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