Steny Hoyer: “But let me say about this landmark legislation, the College Cost Reduction of 2007 is yet another example of how this…”

“But let me say about this landmark legislation, the College Cost Reduction of 2007 is yet another example of how this Democratic Congress is committed to moving our Nation in a new and better direction and working on behalf of the American people. In short, this legislation will provide the single largest investment in college financial aid, and about $18 billion over the next 5 years. Now, that is about one-fifteenth of the mistake that was made in the entitlement that you supported, my friend. And it's the largest since the GI Bill was funded in 1944. The GI Bill was an entitlement. And very frankly, the Greatest Generation was worth investing in. And that investment has paid off 100 fold in the economy that this Greatest Generation built in America, and it will do so in this case as well. And it does so at no new cost to the American taxpayer by cutting excess subsidies paid by the Federal Government to lenders in the student loans industry.”