S.Amdt. 676
What it does: Adds SEC. 3__. DEFICIT-REDUCTION RESERVE FUND TO REDUCE UNCERTAINTY CAUSED BY TEMPORARY, ARBITRARY INTEREST RATES ON FEDERAL STUDENT LOANS, AND TO REDUCE COSTS FOR STUDENT BORROWERS, BY BASING THE FIXED INTEREST RATE OF FEDERALLY-ISSUED STUDENT LOANS ON THE 10-YEAR TREASURY RATE PLUS 3 PERCENTAGE POINTS FOR FEDERAL DIRECT STAFFORD LOANS AND FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOANS AND THE 10-YEAR TREASURY RATE PLUS 4.1 PERCENTAGE POINTS FOR GRADUATE AND PARENT FEDERAL DIRECT PLUS LOANS at the end of title III
Sen. Tom Coburn (R-OK)What it changes
1 change to S.Con.Res. 8 · shown in the resolution's text
Adds SEC. 3__. DEFICIT-REDUCTION RESERVE FUND TO REDUCE UNCERTAINTY CAUSED BY TEMPORARY, ARBITRARY INTEREST RATES ON FEDERAL STUDENT LOANS, AND TO REDUCE COSTS FOR STUDENT BORROWERS, BY BASING THE FIXED INTEREST RATE OF FEDERALLY-ISSUED STUDENT LOANS ON THE 10-YEAR TREASURY RATE PLUS 3 PERCENTAGE POINTS FOR FEDERAL DIRECT STAFFORD LOANS AND FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOANS AND THE 10-YEAR TREASURY RATE PLUS 4.1 PERCENTAGE POINTS FOR GRADUATE AND PARENT FEDERAL DIRECT PLUS LOANS at the end of title III
Adds a sectionIn S.Con.Res. 8 · Placed on Calendar Senate
The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports that would reduce inefficient overlap, improve access, and enhance outcomes with Federal workforce development, job training, and reemployment programs, by the amounts provided in such legislation for those purposes, provided that such legislation would not increase the deficit over either the period of the total of fiscal years 2013 through 2018 or the period of the total of fiscal years 2013 through 2023.
Inserted: SEC. 3__. DEFICIT-REDUCTION RESERVE FUND TO REDUCE UNCERTAINTY CAUSED BY TEMPORARY, ARBITRARY INTEREST RATES ON FEDERAL STUDENT LOANS, AND TO REDUCE COSTS FOR STUDENT BORROWERS, BY BASING THE FIXED INTEREST RATE OF FEDERALLY-ISSUED STUDENT LOANS ON THE 10-YEAR TREASURY RATE PLUS 3 PERCENTAGE POINTS FOR FEDERAL DIRECT STAFFORD LOANS AND FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOANS AND THE 10-YEAR TREASURY RATE PLUS 4.1 PERCENTAGE POINTS FOR GRADUATE AND PARENT FEDERAL DIRECT PLUS LOANS.
Inserted: The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports that achieve savings in Federal student loan programs and reduce the deficit over either the period of the total of fiscal years 2013 through 2018 or the period of the total of fiscal years 2013 through 2023. The Chairman may also make adjustments to the Senate's pay-as-you-go ledger over 6 and 11 years to ensure that the deficit reduction achieved is used for deficit reduction only. The adjustments authorized under this section shall be of the amount of deficit reduction achieved.
Original wording
At the end of title III, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 676. Mr. COBURN (for himself and Mr. Rubio) submitted an amendment intended to be proposed by him to the concurrent resolution S. Con. Res. 8, setting forth the congressional budget for the United States Government for fiscal year 2014, revising the appropriate budgetary levels for fiscal year 2013, and setting forth the appropriate budgetary levels for fiscal years 2015 through 2023; which was ordered to lie on the table; as follows:
At the end of title III, add the following:
SEC. 3__. DEFICIT-REDUCTION RESERVE FUND TO REDUCE UNCERTAINTY CAUSED BY TEMPORARY, ARBITRARY INTEREST RATES ON FEDERAL STUDENT LOANS, AND TO REDUCE COSTS FOR STUDENT BORROWERS, BY BASING THE FIXED INTEREST RATE OF FEDERALLY-ISSUED STUDENT LOANS ON THE 10-YEAR TREASURY RATE PLUS 3 PERCENTAGE POINTS FOR FEDERAL DIRECT STAFFORD LOANS AND FEDERAL DIRECT UNSUBSIDIZED STAFFORD LOANS AND THE 10-YEAR TREASURY RATE PLUS 4.1 PERCENTAGE POINTS FOR GRADUATE AND PARENT FEDERAL DIRECT PLUS LOANS.
The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports that achieve savings in Federal student loan programs and reduce the deficit over either the period of the total of fiscal years 2013 through 2018 or the period of the total of fiscal years 2013 through 2023. The Chairman may also make adjustments to the Senate's pay-as-you-go ledger over 6 and 11 years to ensure that the deficit reduction achieved is used for deficit reduction only. The adjustments authorized under this section shall be of the amount of deficit reduction achieved.
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Senate amendment submitted
March 22, 2013