“Democrats need to finally allow the bipartisan student loan reform proposal to come to a vote this week, so we can pass it and ensure there’s one less Washington-created problem for young people to worry about in this economy,” McConnell said on the Senate floor. “Because it’s tough enough out there for them already. The Obama Economy has not been kind to the youth of our nation.”

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On July 1, need-based student loan rates doubled from 3.4 percent to 6.8 percent. Senate Democrats tried to pass a bill that would have extended the 3.4 percent rate for one year but failed to overcome a Republican filibuster requiring 60 votes to advance the legislation.

The bipartisan deal would be a permanent solution and base loan rates on the 10-year Treasury note, plus 2.05 percent to cover administrative costs. The bill also caps undergraduate loan rates at 8.25 percent. The House passed a similar bill last month.

Sen. Bernie SandersBernard (Bernie) SandersChris Murphy’s profile rises with gun tragedies Clip shows Larry David and Bernie Sanders reacting after discovering they're related For now, Trump dossier creates more questions than answers MORE (I-Vt.) said he’d oppose the bipartisan bill — which has the support of senior Democratic Sens. Dick DurbinRichard (Dick) Joseph DurbinGun proposal picks up GOP support Durbin: I had 'nothing to do' with Curbelo snub Republicans jockey for position on immigration MORE (Ill.) and Tom HarkinTom HarkinThe Hill's 12:30 Report Distance education: Tumultuous today and yesterday Grassley challenger no stranger to defying odds MORE (Iowa).

“Our job is to improve the dismal situation in terms of college affordability and indebtedness … to make it better not to make it worse, which is exactly what this piece of legislation would do,” Sanders said on the Senate floor after McConnell's speech. “Our government is selling out the young people of our country.”

Some Democrats, such as Sanders and Sens. Elizabeth WarrenElizabeth Ann WarrenOvernight Finance: Lawmakers grill Equifax chief over hack | Wells Fargo CEO defends bank's progress | Trump jokes Puerto Rico threw budget 'out of whack' | Mortgage tax fight tests industry clout Michelle Obama is exactly who the Democrats need to win big in 2020 Wells Fargo chief defends bank's progress in tense Senate hearing MORE (D-Mass.) and Jack ReedJohn (Jack) Raymond ReedTop general says Iran complying with nuclear deal Top general: Transgender troops shouldn't be separated from military Dems ask FEC to create new rules in response to Russian Facebook ads MORE (D-R.I.) have argued that the bipartisan bill would harm future college students because, if market based interest rates increase — as expected over the next few years — student loans could exceed 6.8 percent.

Sanders said he would introduce an amendment that would sunset the bill after two years — before the interest rates are expected to exceed 6 percent.