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News and updates

News and updates

Student Loan Deal Unlikely

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Today, Senate Leader Harry Reid admitted that a deal to keep student loan interest rates from doubling to 6.8% before July 1st is unlikely. Several Senators continue to work to produce a last minute deal, including Senator Joe Manchin (D-WV) who has been working with Senator Angus King (I-ME), an independent who caucuses with Democrats, and several Republicans, for a student loan compromise.

It is unclear how much support Manchin-King proposal would have if brought to a vote.

Some Senators are now hinting of the possibility of a retroactive fix after the House and Senate come back from the July 4th Recess. However, it is unclear and unlikely that Congress will have the political will to do so.

Senate Confirms Pritzker

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Today, the Senate confirmed Penny Pritzker as Secretary of Commerce by a vote of 97-1.

Pritzker, a member of the family that owns Hyatt Hotels, was the national finance chairwoman of President Barack Obama’s 2008 campaign and the national co-chairwoman of his reelection campaign.

The Commerce Department is comprised of of 12 different agencies responsible for everything from weather forecasts to patent protection, including:

President Unveils Climate Change Agenda

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President Barack Obama will unveil his climate change agenda during a speech around 2 p.m. Eastern this afternoon. The agenda is expected to combine both Executive Orders and a call to Congress to enact legislation.

The new climate initiative will impose deadlines for EPA to write rules throttling carbon dioxide emissions at U.S. power plants, part of a series of efforts that could hit the coal industry hard both at home and abroad – but also create jobs and spark the economy according to the administration. The plan features updated versions of the President’s first-term emphasis on tightening vehicle emissions standards, fostering the development of “clean coal” technology, and offering billions of dollars for green energy, as well as a renewed push to lead international climate talks. It will seek to push solar and wind energy on federal lands and subsidized housing, as well as encourage coal users to switch to natural gas. Again, it takes aim at the oil and gas industry tax breaks that Obama has unsuccessfully urged Congress to kill.

Last term, Congressional Republicans easily defeated the President’s proposal by arguing the proposed changes would increase taxes and costs on consumers.

The Office of Federal Relations is tracking this issue and will provide updates as available.

This Week in Congress

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Congress will attempt to wrap up work on several outstanding issues this week before adjourning for the Independence Day Recess next week.

The July 1st deadline on Student-Loan rates is looming and the interest rate is set to rise in 7 days unless Congress is able to reach an agreement. As of now, there does not appear to be an agreed-upon path forward by both parties.

The Senate is working towards achieving bipartisan agreement on a comprehensive immigration bill and plans to vote on it by the end of the week. One of the last points of contention is the securing of the US-Mexico border. The bill’s sponsors are striving for 70 yes-votes on the bill – an ambitious task when several conservative Republicans have already indicated their intention to vote down the legislation.

The House is also working on a piece-meal immigration reform package and is set to mark up a high skilled visa bill this week that would increase the number of H-1B visas available.

The FY14 Agriculture Appropriations bill is up for a vote in the House this week. The bill allocates $19.5 billion in discretionary spending – $1.3 billion less than FY13 levels.