David Obey: “the Perkins Loan Program began in 1958 in response to the Russian Sputnik program. It was part of the National Defense…”

“the Perkins Loan Program began in 1958 in response to the Russian Sputnik program. It was part of the National Defense Education Act. I would not be here in Congress today if it were not for that National Defense Education Act. That is what enabled me to get a college education. This Congress, a long time ago, decided to give people like me the opportunity to work their way up the opportunity ladder, and I am very grateful for it. About one-third of the Members of this Congress have been beneficiaries of the very same program which we are suggesting now that we will not fund for the first time since 1958. I ask my colleagues to not pull the ladder of opportunity up after they have climbed it before they let others do the same thing. Give them the same opportunity that we have had. The Republican majority says, ``Oh, don't worry, don't worry. This isn't much of a cut.'' Tell that to the 150,000 students who are not going to get Perkins loans. Tell that to them. Go ahead. And keep in mind the second step is going to come in September when the reconciliation bill comes to this House, and in that bill the Congress is going to be cutting $10 billion additional money out of student aid. That is estimated to increase the cost to student borrowers on average by 20 percent. If my colleagues think increasing the cost to student borrowers by 20 percent is opening the door of opportunity, I think they need a new dictionary.”