Political Quotes

“Madam President, the Senate will soon vote on the Congressional Review Act, a resolution of disapproval to overturn President Biden's newest student loan scheme. Just like President Biden's original student debt cancellation scheme, this IDR does not forgive debt. It transfers the burden of $559 billion in Federal student loans to the 87 percent of Americans who don't have student loans, who chose not to go to college, or who already responsibly paid off their debts. I want to emphasize this point. There is much said in this Chamber about those who do less well and the implication that a policy like this would benefit those who do less well. This benefits folks-- couples--who make over $400,000. They went to college precisely to get a degree to earn more money, and many of them are earning more money. And this forgives--no, it doesn't forgive their debt. It transfers their debt to someone who never went; someone--he and his wife, she and her husband who are making $65,000 a year. They are going to have to pick up the slack for a couple making over $400,000. This is not a benefit for those who are less well-off. This is a benefit--a political payout--to folks who have done quite well precisely because they went to college. Under this rule, a majority of bachelor's degree student loan borrowers will not be expected to pay back even the principal. Ninety- one percent of new student loan debt will be eligible for reduced payments subsidized by the taxpayers.…”