Limit, Save, Grow Act Will Nullify Biden’s Radical Student Loan Debt Scheme
WASHINGTON, D.C., April 26, 2023
WASHINGTON – On the House Floor, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) spoke in support of the Limit, Save, Grow Act. Title II of the bill nullifies Biden’s repayment pause, student loan debt cancellation, and radical Income-Driven Repayment regulation.
Chairwoman Foxx remarks:
“America’s position as the most trusted line of credit in the world is at stake. In other words, our reputation is at stake.
“Republicans’ commonsense proposal, the Limit, Save, Grow Act, recognizes the twin interests of avoiding defaulting on our debt while reining in future inflationary spending.
“Yet, the President has signaled that he will stall, he will risk, and he will forbid paying our debt obligations if he doesn’t get his way. He refuses to compromise.
“One such compromise, which falls within the jurisdiction of the Committee on Education and the Workforce, includes blocking the President from spending half a trillion dollars to provide backdoor free college.
“The Limit, Save, Grow Act would nullify the President’s plan to transfer up to $20,000 per borrower onto the backs of blue-collar Americans as well as his radical income-driven repayment plan, which would turn student loans into untargeted grants and cost more than any other regulation in our nation’s history.
“If the President’s student loan scheme is enacted, taxpayers could end up spending almost $1 trillion since the beginning of the pandemic.
“Our solution preserves the fiscal integrity of our nation for Americans today and the generation tomorrow. It offers a promise to the American public that we will not pursue trillion-dollar policies that risk our financial future."