Tentative deals on student loans, roads reportedly reached

Congressional leaders have reached tentative deals that would prevent a doubling of student loan interest rates and revamp the nation’s transportation programs, congressional officials say. If completed, the compromises would resolve two vexing issues on which lawmakers face weekend deadlines for action. House and Senate leaders have tentatively agreed to a one-year extension of today’s 3.4% interest rates for subsidized Stafford loans, according to a congressional Republican who spoke to the media on condition of anonymity to reveal the issue’s status. The measure—which would affect 7.4 million students projected to get new loans starting July 1—is the same package that Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky., said Tuesday they had crafted between themselves. At the same time, congressional leaders have tentatively agreed on a two-year bill to overhaul federal highway programs, Senate aides say. The government’s authority to spend money on highways, bridges and transit systems expires Saturday, as does its ability to levy gasoline and diesel taxes. Read the full story here.