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Foxx: Biden’s Student Loan Debt Transfer Scheme is a Sweepstakes Giveaway

Urges Congress to Override President’s Veto on H.J. Res. 45

WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) spoke on the House Floor in support of overriding President Biden’s veto on H.J. Res. 45, a Congressional Review Act resolution that will bar the administration from implementing its student loan cancellation scheme and prevent any further extension of the student loan repayment pause.

Chairwoman Foxx’s remarks (as prepared for delivery):
“President Biden’s radical plan to cancel up to $20,000 in student debt via executive fiat is utter hogwash.
“The American people are not fooled by the deceptive, doctored up talking points on student loans that the Left has attempted to force feed them over the past two years.
“Appealing words like ‘forgiveness’ have been cast around innumerable times as if to imply that a massive student loan bailout is the equivalent of a sweepstakes giveaway.
“Here’s a reality check for our colleagues across the aisle: there’s no such thing as ‘forgiveness.’
“This entire scheme is nothing more than a transfer of wealth from those who willingly took on debt to those who did not or had the grit to pay off their loans.
“Two-thirds of this debt transfer plan would go to the top half of earners. 
“It takes from the lower half of earners and gives to the upper half. It redistributes wealth, but from the bottom of our socioeconomic ladder to the top.
“The 87 percent of Americans who hold no federal student debt are paying for the 13 percent who do.
“Our colleagues on the other side of the aisle also claim that this transfer of wealth is about fairness – no, it’s about sticking hardworking taxpayers with the tab and walking away scot-free.
“If this is not the textbook definition of limousine liberalism, I don’t know what is.
“What’s more, according to the Committee for a Responsible Federal Budget, inflation could rise by as much as 27 basis points if mass student debt cancellation is implemented.
“That means we could see an additional two rate hikes by the federal reserve because of this inflationary policy alone.
“To halt the biggest transfer of wealth from blue-collar workers to white-collar professionals in our nation’s history, and to prevent any further extension of the student loan repayment pause, the House and Senate both passed H.J. Res. 45.
“Following President Biden’s predictable veto, this resolution comes before the House again – and we must continue to take a stand and defend the interests of hardworking citizens.
“As the institution that holds the power of the purse, it is our responsibility to do so.
“I urge my colleagues to cut through the political noise that the Left continues to gin up about so-called ‘student loan forgiveness’ and vote in favor of overriding the President’s veto on H.J. Res. 45.
“Fiscal responsibility must be given the due deference it deserves.”
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