Bobby Scott: “this plan has $70 billion in tax cuts, $50 billion in spending cuts, and therefore adds $24 billion to the national…”

“this plan has $70 billion in tax cuts, $50 billion in spending cuts, and therefore adds $24 billion to the national debt. Let us look at one of those cuts, cuts in student aid. We know that your future opportunities depend on your education, and college will enhance your education. Unfortunately, 400,000 children cannot go to college because they cannot afford to. It will get worse before it gets better. In the last 4 years, the cost of a public college education went up $3,000. The maximum Pell grant in this package as adopted will not go up at all. This bill cuts over $14 billion over 5 years from student aid, adding up to $5,800 per student of what they have got to pay on those loans. That is not the right vision for the future. It is particularly egregious when you look at the tax cuts that go into effect next year. One tax cut goes into effect involving personal exemptions and standard deductions. Mr. Speaker, this is a chart of who gets it. Under $200,000, you cannot even see what you get. Millionaires get $19,000; $500,000 to $1 million, over $4,000. Ninety-seven percent of this tax cut goes to those making over $200,000. Fully phased in, it is $100 billion over 5 years. While this tax cut is going into effect, we are cutting student aid by $14 billion, denying many students an opportunity to go to college, and, saddling many others with up to $5,800 in new debt. We can do better than that.…”