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Senate Breaking News: Senators Reach Deal to Move Student Loans to Market Rates

Wochit 1:00 mins

A coalition of Senate Democrats and Republicans have reached a tentative deal with President Barack Obama that would roll back a recent spike in interest rates on new federal loans for college students and instead move the loans to a market-based rate. The U.S. Senate confirmed Thomas Perez as the Obama administration's new labor secretary, despite deep opposition from Republicans who accused him of bending the laws to advance his liberal agenda. U.S. Federal Reserve Chairman Ben Bernanke says it's ?way too early to make any judgment? about a potential decision to start reducing the central bank?s volume of asset purchases. Bernanke, appearing before the Senate a day after testifying before the House, largely repeated the themes and often the words from his previous testimony.

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