John Garamendi: “Mr. Welch, your representation of the State of Vermont is unparalleled. You have been at this for some time, and you…”

“Mr. Welch, your representation of the State of Vermont is unparalleled. You have been at this for some time, and you have so correctly pointed out all of the various policies that are in law today that hold back the middle class. You have talked about the tax policy that basically supports those at the very, very top--the one-percenters, the 10 percent--and forces, therefore, the tax burden onto the middle class and the poor. The President is suggesting a shift in that, and we are going to debate that here--and we should. But again, that is one more piece of this middle class economics to grow American jobs. These are all public policy issues, the Make It In America, the Buy America provisions, the education. You raised something that has been very, very much on my mind. I have kids that have school debt from going to medical school or nursing school or even just to the 4 years, and I often wonder, the great majority of the student debt is actually owned by the Federal Government. I think about 60 percent of the $1 trillion-plus in student debt is owned by the American public. {time} 1730 We refinance everything. We refinance our credit cards, and we refinance our home, seeking a lower interest rate. I just wonder: Why don't we refinance the student debt?”