The Senate's top Democrat and Republican said Tuesday that they're nearing a final agreement to avoid a doubling of Stafford student loan interest rates next week.
"We think we're in a good place on student loans," said Senate Majority Leader Harry Reid (D-NV).
"We're moving toward completion this week of both the extension of the student loan rates at the current level for another year," said Senate Minority Leader Mitch McConnell (R-KY). "The president's been largely uninvolved in that, but Senator Reid and I have an understanding and we think it'll be acceptable to the House. That may or may not be coupled with the highway proposal over in the House."
Early this month the two parties were publicly exchanging offers for how to fund a one-year freeze, which would cost $6 billion. Though they were slowly resolving their differences, negotiations had hit a roadblock.
The fact that lawmakers and aides are mum on details suggests that talks are now happening in earnest. But the question remains whether the two chambers can resolve their differences even if Reid and McConnell are able to.