Political Quotes

“I thank the gentlewoman from New York. I rise in opposition to the rule and to the previous question, as she just stated, would allow consideration of H.R. 1434, the Bank on Students Emergency Loan Refinancing Act. Mr. Speaker, there is an emergency out there for young Americans who are trapped in high interest rate students loans. The Federal Reserve bank has tallied that. It is $1.3 trillion of overhang in the U.S. economy. None other than the former Republican Governor of the State of Indiana and the former Budget Director under George Bush testified before the Education Committee the other day, and this is what he said: Research from the Pew Research Center and Rutgers shows that today's 20- and 30-year olds are delaying marriage, delaying childbearing, both unhelpful trends from an economic and social standpoint. Between 25 percent and 40 percent of borrowers report postponing homes, cars, and other major purchases. Half say that their student loans increase their risk of defaulting on other bills. {time} 1315 There are 7.5 million young Americans who are behind on their student loans. Again, they are trapped in no collateral, high interest rate documents that our bill allows them to write down.…”