Reid Offers New Plan on Student Loan Deadlock

By: AP Email
By: AP Email

WASHINGTON (AP) - Senate Majority Leader Harry Reid is suggesting a new way to break a standoff in Congress and prevent
student loan costs from doubling next month for 7.4 million

In a letter to Republican leaders Thursday, Reid is proposing to pay for an extension of student loan rates by charging employers higher pension insurance premiums. The proposal would raise about $8 billion. Another Reid proposal could raise almost $10 billion by easing pension funding rules for businesses that would result in
companies taking fewer tax deductions for pension contributions.

Reid's letter highlights the pressure facing lawmakers to striken a deal on student loan rates before they expire July 1. GOP leaders have suggested instead raising money by making it harder for states to collect some federal Medicaid reimbursements.

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