A Win for Students and Taxpayers
WASHINGTON, D.C., May 24, 2023
WASHINGTON – Today, the House passed H.J. Res. 45, a Congressional Review Act resolution to bar President Biden and the Department of Education from moving forward with their student loan cancellation scheme and prevent any further extension of the student loan repayment pause.
During debate of H.J. Res. 45, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) delivered the following remarks on the House Floor:
“Coupled with the permanent repayment pause, expansive new regulations, and a radical new income-driven repayment plan, the Biden administration’s student loan scam could end up costing taxpayers $1 trillion.
“That’s more than the federal government has ever spent on postsecondary education.
“The Biden administration’s policies do nothing to solve the root issues of student debt, and if this bailout moves forward, outstanding student debt will return to current levels in just over five years.
“The federal student loan system is broken, and real reform is needed.
“Simply put, the administration’s actions will mean that future students will come to expect their loans will be cancelled and colleges will continue to increase already-skyrocketing tuition because they know Democrats will leave taxpayers to foot the bill.
“We need to hold colleges accountable for charging outrageous prices for degrees with no value. We need a student loan program that has the best interests of students AND taxpayers in mind.
“As the institution that holds the power of the purse, Congress has the responsibility to protect the interests of taxpayers. A vote in support of today’s resolution will do just that.”