The House of Representatives sent President Bush a bill Wednesday aimed at cutting the nation’s deficit by making changes such as higher fees on student loans and higher interest rates on parent loans.

The Washington Post said the president is prepared to sign the $39 billion, five-year bill and move on to next year’s budget cycle. The House passed the bill by a vote of 216-214.

“Once again, House Republicans are on record as defending budget discipline,” Rep. Roy Blunt (R-Mo.), then the then-acting majority leader, told The Post. “We have achieved $39 billion in savings, while streamlining government.”

Democrats and student groups have said the plan is detrimental to college students and labeled the bill as the work of special interests.

On Dec. 19, the House passed a similar bill, but it needed to revote because Democrats in the Senate made small changes to the bill that the House needed to approve before it could be sent to Bush.

-Ryan Holeywell