August 3, 2007
Senate Passes Key Budget Bill
The Senate has passed a budget-reconciliation measure that would slash government subsidies to student-loan companies and use the savings to pay down a portion of the federal deficit and sharply increase student aid.
In a blow to lenders and a victory for student groups, the Senate in July voted down an amendment that would have reduced the size of a 0.5-percent cut in the subsidy for student-loan companies. It then passed the underlying measure by a vote of 78 to 18.
The
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