Press Releases

WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) spoke on the House Floor in support of H.J. Res. 88, a Congressional Review Act resolution that would overturn the Biden administration's radical student loan scheme that experts say will cost taxpayers as much as $559 billion.

Chairwoman Foxx's remarks (as prepared for delivery): 

"I rise in support of H.J. Res. 88, a Congressional Review Act resolution authored by Representative McClain of Michigan that would bar the Biden administration from spending hundreds of billions of dollars by executive fiat.
 
"On June 30th of this year, mere hours after the Supreme Court decapitated the Biden administration's previous student loan scheme, the Department of Education unveiled its so-called Savings on a Valuable Education (SAVE) plan.
 
"Despite its deceptive name, that is, without question, the most expensive regulation in our nation’s history.
 
"So, how bad will the damage be?
 
"The Congressional Budget Office estimates that this new IDR program will actually cost over $260 billion over the next ten years—over $100 billion more than what the Department was telling the American people.

"But wait, there’s more. Outside experts estimate the cost to be as much as $559 billion.
 
"Clearly this is not a repayment plan and Democrats have not been shy about their intentions for reshaping postsecondary education. Indeed, Democrats couldn’t get their socialist free college fantasy through Congress, so they are attempting to shove it down the throats of Americans through the loan program by executive fiat. 
 
"Millions of Americans are grasping their wallets at this news—and rightfully so. They’ve already been pummeled by inflation for months on end, and now they’re staring down an avalanche of debt this country cannot afford that will surely bury them if Congress doesn’t put an end to this madness. 
 
"H.J. Res. 88 offers us the opportunity to send a clear signal to this administration that we will no longer tolerate a dictator-in-chief.  
 
"Here’s the simple truth: money cannot be printed out of thin air without consequences. We should pass H.J. Res. 88 and put an end to this reckless use of taxpayer dollars."

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