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News and updates

House to take up Senate-passed Student Loan Deal Today

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The House is expected to consider and vote on a bipartisan student loan deal that passed the Senate last week on an 81-18 vote. The deal ties interest rates to the rate on 10-year treasury bonds.  The bill is intended to be a long-term solution and also a retroactive fix to July 1st of this year when loan rates doubled from 3.4% to 6.8%. The legislation will set interest rates this year at 3.86% for all new undergraduate Stafford loans, 5.4% for graduate Stafford loans, and 6.4% for PLUS loans. Caps for loans are set at 8.25% for undergraduate loans, 9.5% for graduate loans, and 10.5% for PLUS loans. While this means that undergraduate loan rates for the next couple of years will hover around a low 4%, there’s a potential that eventually rates could rise higher than they are now before they bump up against the caps.

The vote is set to take place this evening and is expected to pass.

 

This Week in Congress

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Below is an overview of relevant House and Senate committee hearings and markups on the schedule this week. Congress is preparing to adjourn for the August recess on Friday.

TUESDAY, July 30, 2013

Senate Appropriations
Fiscal 2014 Appropriations: Defense
Subcommittee Markup
10:30 am, 192 Dirksen

WEDNESDAY, July 31, 2013

House Appropriations
Fiscal 2014 Appropriations: Interior and Environment
Full Committee Markup
10:30 am, 2359 Rayburn

THURSDAY, August 1, 2013

Senate Appropriations
Fiscal 2014 Appropriations: Defense
Full Committee Markup
10:30 am, 106 Dirksen

House Judiciary
US Innovation
Subcommittee Hearing
9:30 am, 2141 Rayburn

House Veterans’ Affairs
Veterans’ Affairs Bills
Full Committee Markup
10 am, 334 Cannon

Fiscal Fight Continues

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Congresses has a lot on its “to do” list next week before they break for the month-long August recess. The most pressing issue relates to the budget: lawmakers are trying to determine if they can make a deal on the overall budget numbers since they will only have nine working days when they return to work in September and before the end of the federal fiscal year. There is concern that they will not have enough time to reach an agreement on how to keep the government running into FY14.  While most Republicans are focused on keeping the lower spending levels dictated by the 2011 Budget Control Act, Democrats want a broader deal that would replace the sequester.

House and Senate Republicans want a continuing resolution (CR) that to reflect annual discretionary spending of $967 billion, the sequester level dictated by the Budget Control Act of 2011 (PL 112-25). Democrats in both chambers, meanwhile, are hoping to use the CR debate to broker a budget deal that would replace the sequester ahead of the start of FY14 October 1st that would restore the pre-sequester spending cap of $1.058 trillion for discretionary programs.

Unfortunately, it appears that the different sides have spoken to the each other about the potential terms for a CR, and that is what is causing angst with the short work period between now and the end of the fiscal year.

The Office of Federal Relations continues to advocate for preserving funding for research and student aid, as well as a balanced approach for any further deficit reduction efforts.

Continuing Resolution Looking Likely

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House Republican leadership is beginning to discuss the possibility of a stopgap spending measure – or continuing resolution (CR) – to keep the government running past the end of the federal fiscal year on September 30th. Discussions are beginning earlier than usual this year due to disagreements between the House and Senate are so large that neither side is optimistic that they can reach a resolution before then.

At this point, it is unclear as to whether the GOP will push for a simple extension at the FY13 level of roughly $988 billion for discretionary spending or try to draw up a stopgap bill at the roughly $967 billion level now written into federal law. Also unclear is how long the CR will last to keep the government funded. One thing is for sure: House Republicans will not work with the $1.058 trillion level for discretionary spending advocated by Senate Democrats.

In the midst of all this, House and Senate Appropriators continue to move bills forward in their respective chambers. The House Appropriations Committee is on track to end this week with 10 of its 12 FY14 bills approved. In addition to the work on the Labor-HHS-Education bill, the Interior-Environment panel marks up its draft on Tuesday and the full committee acts Wednesday on the State-Foreign Operations bill.

Senate leadership will attempt to bring their first FY14 spending bill – Transportation-HUD – to the Senate floor for consideration Tuesday. Senate appropriators are slated to approve this week the Financial Services and State-Foreign Operations measures, the ninth and 10th annual measures to move through the committee. The Senate Defense bill is expected to be marked up next week, the last work week before the August recess.

This Week in Congress

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An overview of relevant House and Senate committee hearings and markups on the schedule this week:

TUESDAY, July 23rd

Senate Homeland Security and Governmental Affairs
Education for Military and Veterans
Full Committee Hearing
10:30 am, 342 Dirksen

House Appropriations
Fiscal 2014 Appropriations: Interior and Environment
Subcommittee Markup
10 am, B-308 Rayburn

WEDNESDAY, July 24th

House Education and the Workforce
Supporting Academic Freedom Through Regulatory Relief Act
Full Committee Markup
10 am, 2175 Rayburn