February 10, 2006
House Passes Bill Raising Loan Rates
In a party-line vote of 216 to 214, the U.S. House of Representatives gave final approval last week to a huge bill that would slash about $12-billion from the government-backed student-loan programs, to help slow the growth of federal spending over the next five years.
The cuts, which are the largest in the loan programs' history, account for one-third of the bill, a $39-billion deficit-reduction package. To achieve those savings, the bill would reduce government subsidies to private
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