WASHINGTON —The Senate rejected Democratic and Republican plans Thursday for averting a July 1 doubling of interest rates on federal college loans, pushing back efforts to resolve the showdown until next month.
In mostly party-line roll calls, senators voted 62-34 against the GOP package and 51-43 for the Democratic version. Each fell short of the 60 votes needed for approval.
Both measures rejected Thursday would delay the interest-rate increase for a year at a cost of $6 billion, but each side’s bill was paid for in a way the other couldn’t tolerate. Democrats proposed raising Social Security and Medicare payroll taxes on high-earning owners of some privately held companies and professional practices, while Republicans would abolish a preventive health program.
