Foxx Discusses Biden’s Student Loan Cancellation Fiasco on Fox Business
WASHINGTON, D.C., August 26, 2022
On Thursday afternoon, Education and Labor Republican Leader Virginia Foxx (R-NC) joined Larry Kudlow on Fox Business to discuss the disastrous consequences of President Biden’s student loan cancellation scheme.
Video and key excerpts below:
We’re talking real money…
“This [is] a hair-brained scheme, that the President has come up with to buy votes. … The Committee for a Responsible Budget is saying about $500 billion, but Larry let me remind you, the Department of Education predicated they would make $100 billion off of these loan programs…, but it is losing over $200 billion now. That’s a net switch of $300 billion. If somebody is predicting its going to use $500 billion now and we’re already losing over $200 billion, pretty soon we’re talking real money—maybe a trillion dollars. The estimates of what [the student loan program] is going to lose [are] very low.”
The federal government doesn’t belong in the student loan business…
“Let’s go back to the nub of the issue, the federal government ought not to be involved in the loan issue period… The federal government has no business doing this...”
This doesn’t fix the problem…
“This is not fixing the problem. Republicans have a solution to this problem, It’s called the REAL Reform Act… All [Biden’s student loan cancelation] is going to do is allow colleges and universities to continue to increase the cost of going to college….”
It is unfair to those who never went to college…
“[W]hat about the 87 percent of Americans who have no student loans and [those] who chose not to go to college? They’re getting it in the neck and it’s unfair.”
Watch the full interview at Fox News here.