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Public Statements

Providing for Consideration of H.R. 4078, Red Tape Reduction and Small Business Job Creation Act, and Providing for Consideration of H.R. 6082, Congressional Replacement of President Obama's Energy-Restricting and Job-Limiting Offshore Drilling Plan

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. COURTNEY. Mr. Speaker, I rise in opposition to the rule on the so-called regulatory freeze bill which will act as a chain saw, going through parts of the government that have absolutely nothing to do with small business or small business job creation. And I say that as a former small employer.

One of the regulations which will be butchered under this law is the income-based repayment program which the Department of Education is now in the middle of fashioning, which will provide loan payment relief for people paying title IV student loans. For a teacher making $25,000 a year with maybe about $20,000 in student loan debt, that program will reduce monthly payments by $100 a month. That is real help for people who are contributing to the U.S. economy. Allowing that regulation to go forward will not hurt the U.S. economy. In fact, it will provide more basis for that teacher to go out and survive and spend money on housing, car loans, et cetera.

Yet this bill, in the name of job creation, will knock down the income-based repayment program.

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Mr. COURTNEY. The income-based repayment program is trying to provide student loan relief at a time when student loan debt in this country now exceeds $1 trillion--higher than credit card debt, higher than car loan debt. It is a commonsense program, fully paid for.

The Student Aid and Fiscal Responsibility Act, signed into law in 2010, offset every nickel of cost in the income-based repayment program; and yet here we are, debating a bill at a time of crisis for middle class families because of student loan debt, denying them the needed relief which will help the U.S. economy.

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