Sen. Scott Brown Pushing for Low Interest Rates on Student Loans

Sen. Scott Brown (D - Mass.)

BOSTON (AP) — Republican Sen. Scott Brown is pushing a bill he says would extend lower interest rates on federal student loans another year without raising taxes.

But a Congressional Budget Office review of a similar proposal found it would create net savings for the federal government of only several million dollars, far short of the $6 billion needed to avoid a doubling of interest rates on student loans to 6.8 percent on July 1.

Brown said his bill would raise the money by creating a government-wide “Do Not Pay List” list to reduce improper payments and wasteful spending.

Democratic rival Elizabeth Warren criticized Brown this week after he voted against a Democratic bill aimed at maintaining the lower interest rate by requiring many privately owned companies to pay more Social Security and Medicare payroll taxes.