Senate Dem leaders reject House GOP student loan bill

Senate Democratic leaders said Thursday they would reject a House Republican bill extending low student loan rates because it would defund an important part of the 2010 healthcare reform law.

House Republicans plan to pass the bill Friday.

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“I’m very disappointed with what the House is contemplating doing tomorrow,” Senate Majority Leader Harry ReidHarry ReidLawmakers eye early exit from Washington McCain to support waiver for Mattis, Trump team says Reeling Dems look for new leader MORE (D-Nev.) said during a Thursday press conference.

“They would pay for it by stopping Americans from getting preventive healthcare. That doesn’t sound like a very good deal to me,” he said.

“So we certainly don’t appreciate that. We oppose that. Our bill is about building a middle class and you can’t do that by taking the ability of people to get preventative healthcare,” he added.

Student loan rates for an estimated 7 million people are expected to rise from 3.4 percent to 6.8 percent on July 1.

Senate Democrats have proposed a one-year extension of lower rates by eliminating a tax break for S corporations, which pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes.

“If it’s true Republicans support stopping the rate hike, they have a weird way of showing it,” said Sen. Charles SchumerCharles SchumerOvernight Finance: Trump takes victory lap at Carrier plant | House passes 'too big to fail' revamp | Trump econ team takes shape Anti-Defamation League: Ellison's past remarks about Israel 'disqualifying' Dems press Trump to keep Obama overtime rule MORE (N.Y.), the third-ranking member of the leadership.

“In the House, the proposal they’re advancing has a poison pill attached to it. Their offset is a partisan proposal that tries to refight the debate over the president’s healthcare law,” Schumer said. “That is not a serious attempt to pass this student loan bill.”