Senate Republicans have blocked a measure that would have let an estimated 40 million students refinance their loans at lower interest rates. The bill would have been funded by closing a tax loophole for millionaires and ensuring a minimum tax rate on their income of 30 percent. But just three Senate Republicans joined with the Democratic majority, not enough to overcome a Republican filibuster. After the vote, the bill’s sponsor, Democratic Senator Elizabeth Warren, blasted Republicans for protecting millionaire tax breaks. Warren vowed to continue the fight.

Sen. Elizabeth Warren: “Today is a really good day for billionaires. For the 40 million people dealing with student loan debt, it wasn’t such a good day. This raises the fundamental question: Who does Washington work for? Does it work for those who can hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life? … We’re not giving up. After all, we did get bipartisan support today, and we still have 40 million Americans out there who are trying to deal with $1.2 trillion in student loan debt.”

The nation’s $1.2 trillion in student loans exceeds all other forms of consumer debt, except for home mortgages. This year’s graduate class is the most indebted in U.S. history, with borrowers owing an average of $33,000.