John Kline: “I yield myself the balance of my time. Mr. Speaker, as always in these debates, there is a lot of confusion, and there…”

“I yield myself the balance of my time. Mr. Speaker, as always in these debates, there is a lot of confusion, and there is a lot of misinformation. We are using that old thing about ``figures lie and liars figure,'' and you've got different guesses for interest rates and reports and all those sorts of things, and I want to get into some of that, but some of it is at the core of our differences here. Let's get a couple of things straight. We watch what has happened as Congress tries to chase an interest rate and gets in political battles year after year. You'll remember that the 6.8 percent that was put in law was considered a good deal. Then there was the plan to take it from 6.8 percent to 3.4 percent for all loans. It didn't work. It costs a lot of money, and it's added to the debt, which is a problem that is still nagging us to this day. So interest rates were taken from 6.8 to 3.4 percent gradually over years. It got down to the point where, for 1 year, the interest rate on subsidized Stafford loans--not the unsubsidized Stafford loans, not the PLUS loans, because we didn't have the money for that--took it down to 3.4 percent for 1 year, and then there wasn't enough money.…”