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Public Statements

Interest Rate Reduction Act

Floor Speech

Location: Washington, DC


Mr. CLARKE of Michigan. I want to thank the gentleman from Massachusetts (Mr. Tierney) for yielding me time.

We've talked about the cost of capping student loan interest rates. Well, I think we should extend the cap for longer than a year, and we don't need to cut people's health care screenings in order to do it. Let's create jobs. That's how we can create the economic revenue.

One of the best ways for us to create jobs is to allow student loan borrowers the ability to pay down on their loans according to their income for 10 years and then making them eligible to have the balance of their student loans, if they owe any, be forgiven.

That's the best economic stimulus. These loans are not just for the benefit of the borrower. It also makes our country stronger. The more our people are trained and educated, we can sell the best products overseas and create the best technology. That creates jobs for this country.

It's in our national interest to help pay down these debts and forgive certain student loans. Let's redirect some of our money from Afghanistan and Iraq and use the savings to forgive student loans.


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