Congress passes highway funds, extends lower student loan rate

WHAT A WEEK!!!!!!!!!!!!


Congress passes highway funds, extends lower student loan rate
By Pete Kasperowicz and Daniel Strauss - 06/29/12 02:12 PM ET


Congress on Friday approved legislation that will extend federal highway programs through 2014, a low interest rate on student loans for one year, and the National Flood Insurance Program (NFIP) for five years.

Leaders in the House and Senate negotiated the giant package, leaving no doubt that it would have enough support to pass. The bill will likely be the last major piece of legislation approved by Congress until after the November elections.

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Congress faced a weekend deadline for extending the highway and student loan provisions. The rates for federally backed student loans were set to double from 3.4 percent to 6.8 percent, and transportation funding was due to expire.

The transportation bill was the most contested part of the package. Prominent conservative groups urged Republicans to vote against it, while the U.S. Chamber of Congress pushed for passage.

While members were not happy with every provision in the bill, they largely praised it during floor debate in both chambers.

Democrats, in particular, hailed the extension of the highway provisions for two years, which they said would boost job creation.

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http://thehill.com/blogs/floor-action/house/235621-house-passes-highway-student-loan-flood-insurance-bill