While the Senate voted Thursday to move forward on legislation that sets policy for farm subsidies and food stamps, the chamber failed to end debate on two separate bills that would prevent student loan rates from doubling at the end of the month.
The Senate voted 75 to 22 in favor of advancing the farm bill, with twenty-two Republicans joining with most Democrats in voting to end debate.
The farm bill, which costs roughly $955 billion over 10 years, sets policy for farm subsidies, food stamps and other farm and food aid programs.
While the Senate version of the farm bill includes a reduction in spending on food stamps, the size of the cut is relatively small compared to the House version of the bill, raising questions about eventual passage.
Commenting on his vote to end debate on the farm bill, Sen. Mike Johanns, R-Neb., said, "Farmers and ranchers need the long-term certainty only a farm bill can provide."
"Congress has drug its feet for too long," he added. "While this is not the bill I would have written, I believe - warts and all - it is better than no farm bill and significantly better than the bill passed by the House Ag Committee."
Meanwhile, the Senate fell short of the 60 voters needed to end debate on both Democratic and Republican versions of bills to prevent a jump in student loan rates.
The Senate voted 51 to 46 in favor of the Democratic version and 40 to 57 in favor of the Republican version, with both votes coming down largely along party lines.
The current 3.4 percent federally-subsidized student loan rate is currently set to double to 6.8 percent due to the expiration of a temporary extension Congress passed last year.
While the Republican-controlled House has passed a bill that would adjust student loan rates based on fluctuations in ten-year Treasury notes, President Barack Obama has said the legislation is "not smart."
Obama has claimed the House bill eliminates safeguards for lower-income families and could actually cost students more than if nothing was done at all.
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Political News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.