The Senate is holding a vote Thursday to stop student loan rates from doubling on July 1, but don't hold your breath while awaiting the result.
The Senate is expected to veto both the Democratic and Republican proposals that would freeze student loan rates and keep them from doubling from 3.4 percent to 6.8 percent come July 1.
The outcome is inevitable and both sides agree it is just another example of political posturing on Capitol Hill. [Poll: Obama Leads Romney In Youth Vote, But Has Trouble Too]
Sen. Majority Leader Harry Reid's Spokesman Adam Jentleson says the Republicans requested the votes be brought to the floor so they can tell constituents back home that they are pursuing actions to stop Stafford loan interest rates from increasing.
Sen. Minority Leader Mitch McConnell's spokesman Don Stewart said the Democrats brought the vote to the floor to make headlines and to make it look as though Republicans are against keeping interest rates low.
"We already know how this story ends," Mitch McConnell said on the Senate floor Thursday. "So why are Democrats forcing us to vote on their failed proposal yet again? Because, as I've said, they're more interested in drawing our opposition—of creating a bad guy—than in actually solving the problem."
This is the second time the Senate has taken action on the Democrats' bill. The Democrats' proposal reached a stalemate on May 8 when they Republicans blocked them from getting the 60 votes necessary to debate their version of the bill on the Senate floor.
"The only thing stopping this bill from passing is Republican obstructionism," Jentleson says. "We could stop student loan interest rates form doubling today if Republicans stopped protecting millionaires who are exploiting a tax loophole to avoid paying the same taxes as middle-class Americans."
The Republican version of the bill passed the House of Representatives, and will have its first vote in the Senate Thursday. [Romney: President Obama Has Not Stood Up to Teachers Unions]