Senate Republicans Tuesday afternoon blocked the advancement of a Democratic bill to extend the current student loan interest rate over objections to how the measure will be funded.

Members voted 52 to 45 to block cloture on the bill, which would hold Stafford student loan interest rates for an estimated 7.4 million students at 3.4 percent instead of allowing them to double in July. The Democrats’ $6 billion bill would be funded by closing a tax loophole, thereby raising Social Security and Medicare payroll taxes on select wealthy stockholders of private companies—hence the Republican opposition.

Fiscal responsibility!