Reid Planning Vote to Cut Some Tax Breaks to Spare Student Loan Rates

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A vote to eliminate certain tax breaks to pay to maintain current interest rates on student loans could happen June 6, Senate Majority Leader Harry Reid (D-Nev.) said.
The legislation would affect retirement accounts, energy companies, and foreign firms that make money in the United States.
Ending some of their breaks as proposed in a bill (S. 953) from Sens. Jack Reed (D-R.I.) and Tom Harkin (D-Iowa) would collectively raise $8.6 billion over 10 years to offset the cost of keeping rates on federally subsidized Stafford loans at 3.4 percent rather than rising to 6.8 percent on July 1, as currently scheduled.

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