Tim Ryan: “We are trying to compete with 1.3 billion people in China, 1.2 billion people in India. We only have 300 million people…”

“We are trying to compete with 1.3 billion people in China, 1.2 billion people in India. We only have 300 million people in the country. So it seems to me that these investments that we are making are very wise, targeted investments. There is no tax increase. But what we are saying is, is it better to make sure that the banks have an increased inflated profit margin, or is it better for us as a country, the public, to make those investments in the families and basically give these families a tax cut? These middle-class families are getting a tax cut. If you are taking out a loan, and you have two, three, four people in your family, you have a couple of kids going to school, both parents work, you are making 60 or $70,000 a year, and you are taking out a student loan, and last year if you took it out it was 6.8 percent and if you take it out this year and it's 3.4 percent, that's a tax cut for that family. When you go to file for the Pell Grant next year, and there is an increase of 4 or 5 or $600, that is a tax cut for a middle-class family. What we are saying is we have a totally different philosophy from the Republican Party. They are cutting taxes in half over the past 6 or 7 years for the top 1 percent of income earners in the country.”