Providing for Congressional Disapproval Under the Rule Submitted By the Department of Education Relating to ``Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (Ffel) Program''

Floor Speech

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Ms. FOXX. Mr. Speaker, pursuant to House Resolution 906, I call up the joint resolution (H.J. Res. 88) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to ``Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program'', and ask for its immediate consideration.

The Clerk read the title of the joint resolution.

Mr. Speaker, I rise in support of H.J. Res. 88, a Congressional Review Act resolution authored by Representative McClain of Michigan, that would bar the Biden administration from spending hundreds of billions of dollars by executive fiat.

On June 30 of this year, mere hours after the Supreme Court decapitated the administration's previous student loan scheme, the Department of Education unveiled its so-called Savings on a Valuable Education (SAVE) plan. Despite its deceptive name, this is without question the most expensive regulation in our Nation's history.

Mr. Speaker, how bad will the damage be? The Congressional Budget Office estimates this new IDR program will actually cost over $260 billion over the next 10 years, over $100 billion more than what the Department was telling the American people.

But wait. There is more. Outside experts estimate the cost to be as much as $559 billion.

Clearly, this is not a repayment plan, and Democrats have not been shy about their intentions for reshaping postsecondary education.

Indeed, Democrats couldn't get their socialist free college fantasy through Congress, so they are attempting to shove it down the throats of Americans through the loan program by executive fiat.

Mr. Speaker, millions of Americans are grasping their wallets at this news--and rightfully so. They have already been pummeled by inflation for months on end, and now they are staring down an avalanche of debt this country cannot afford that will surely bury them if Congress doesn't put an end to this madness.

H.J. Res. 88 offers us the opportunity to send a clear signal to this administration that we will no longer tolerate a dictator in chief.

Here is the simple truth: Money cannot be printed out of thin air without consequences. We should pass H.J. Res. 88 and put an end to this reckless use of taxpayer dollars.

I think Mrs. McBath just made my argument for me. She said the American people are tired of being asked to give more, more, more.

Well, in her district, she has almost 300,000 people without a bachelor's degree, and the cost per person for what the Biden administration is doing is $3,768.

In Representative Scott's district, 355,000 have no bachelor's degree. They are being forced to cough up $3,768 for people who don't want to pay their bills.

Mr. Speaker, the Biden administration knows that its so-called SAVE Plan is illegal, yet it has no problem putting its foot on the gas pedal.

As my colleague has admitted, this is helping them pay their way through college, which is what we have been saying. This is a radical plan by the Biden administration to pay for college expenses.

Let's make one thing perfectly clear: The so-called SAVE Plan is the administration's game of ruling by executive decree and pinning the tab on the taxpayer. The Biden administration is transferring debt from those who willingly took it out to those who didn't have a chance to go to college. This is unfair.

America's student loan system is broken, and this reckless, inflationary, and illegal expansion of executive authority will all but ensure it is doomed beyond repair.

This plan isn't about helping borrowers, and it sure isn't protecting taxpayers. It is about an upcoming election and an administration dead set on using the executive pen to reshape our country. That is the stone-cold truth of this matter.

Mr. Speaker, I urge my colleagues to vote ``yes'' on H.J. Res. 88, and I yield back the balance of my time.

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Ms. FOXX. Mr. Speaker, on that I demand the yeas and nays.

The yeas and nays were ordered.

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