Ex-Im Bank stalling in Senate over student loan amendment

A bill reauthorizing the Export-Import Bank, which will lose its charter May 31, is at least temporarily stalled in the Senate after Republicans asked to offer a student loan bill as an amendment.

The Ex-Im Bank bill passed the House on Wednesday with 330 votes and was crafted in part by House Majority Leader Eric Cantor (R-Va.).

Senate Majority Leader Harry Reid (D-Nev.) has been unable to get consent to move directly to consideration of the bill. He told reporters that GOP leadership staff has requested to offer six or so amendments and he is willing to consider those that are germane. He lamented the fact that the GOP has blocked a vote on the Democrats' student loan bill but is trying to get a vote on a GOP alternative via the Ex-Im bill.

The Democratic bill would pay for keeping federal student loan interest rates at 3.4 percent by ending a payroll tax exception for owners of S corporations. The pay-for raises money that is simultaneously counted as helping the Medicare trust fund and reducing student loan rates.

Republicans call this double counting, and the House has passed a bill that would cut a prevention fund set up by the Obama administration's healthcare law to pay for keeping interest rates from doubling next month.