Negotiators closing in on deal to avert student loan rate hike
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Negotiations were expected to continue through the weekend, with votes expected next week on either a major transportation bill or an extension of current programs, said the aides, who spoke on condition of anonymity to discuss details of the talks. 

Obama said Saturday in his weekly radio and Internet address there was "no excuse for inaction." 

"Right now, we are seven days away from thousands of American workers having to walk off the job because Congress hasn't passed a transportation bill. We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn't acted to stop it," Obama said. "This makes no sense." 

For weeks, Obama has ridiculed Republicans for not moving quickly to prevent student loan interest rates from doubling, a stance that Democrats have hoped will boost his support among young voters who broadly backed him in the 2008 election.


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