Political Quotes

Bob Wise: Where do you make up your $10 billion? Mr. McKEON. OK. $1.2 billion comes from the termination of the direct loan…

On the recordSeptember 13, 1995
Where do you make up your $10 billion? Mr. McKEON. OK. $1.2 billion comes from the termination of the direct loan program. $4.9 billion, and this is what is really interesting, because the other night the President in his speech said that we were cutting to help the bankers. In reality, we are going after the bankers and the lenders for half of this. $4.9 billion, we are decreasing their profit to make up half of the $10 billion. $3.5 billion comes from the subsidy for the interest from the time that they graduate until they have to begin paying the loan.
Said by
Bob Wise
West Virginia

Editor's note · Context

Discussing budget cuts and their impact on loan programs and banking profits.

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