Judd Gregg: “You bet. The student loan reconciliation bill phased down interest rates to 3.4 percent in 2011, then snap them back up…”

“You bet. The student loan reconciliation bill phased down interest rates to 3.4 percent in 2011, then snap them back up again to 6.8 percent in 2012. This kept $17 billion in costs hidden. The student loan bill turned off mandatory Pell Grant spending in 1 of the 10 years--hiding $9 billion in spending. Mr. President, $10 billion in farm bill spending is pushed out beyond 2017--totally escaping pay-go enforcement. I haven't even mentioned all of the corporate estimated tax shifts they have used, which move revenues from one fiscal year into another. Even Budget Chairman Conrad himself called this ``funny-money financing'' during debate on the last highway bill.”