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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Mr. GOOD of Virginia. Mr. Speaker, I thank the chairwoman for the time this morning.

I rise today in support of H.J. Res. 88, a resolution that will nullify President Biden's irresponsible student loan repayment plan.

It is no secret that President Biden wants to borrow and spend taxpayer dollars to force you and your children to pay for other people's education.

Earlier this year, Biden vetoed my bipartisan resolution that nullified his student loan transfer scheme.

Thankfully, the Supreme Court agreed with Congress that unilateral Federal spending for outright forgiveness by the President is unconstitutional.

However, the administration lost no time in devising yet another scheme to transfer loan debt to taxpayers, this time under the guise of repayment.

The Biden administration's new repayment scheme would permit even more graduates to contribute even less money to loan payments.

These borrowers, who voluntarily took taxpayer money, will contribute just 5 percent of their monthly income to the loan.

They can also be exempt from paying interest, and if enough time passes, the loan will be forgiven altogether or actually paid for by other Americans.

The Biden administration sells this scheme by promising it will reduce many borrowers' loan payments to zero. However, the American taxpayer will foot the bill.

I am reminded of October of 2020, the vote-buying scheme that was the previous student loan transfer scheme, transferring that debt to other Americans.

Policies like this undermine personal responsibility and teach a generation to have little regard for the value of money.

Thanks to Bidenflation, the dollar has far less buying power today than when he took office. Americans feel this at the grocery store, the gas pump, and when paying their rent and utility bills.

Yet, this new scheme means that at least $276 billion in loans paid out to students will never be returned to the Treasury as promised.

As he overspends by $200 billion a month and drives us to $34 trillion in debt, the President may personally be insulated from the impact of his reckless, wasteful borrowing and spending, but the American people are certainly suffering from his harmful policies.

Many of my constituents paid their way through college or didn't go to college because they couldn't afford it, and they should not have to cover Biden's $276 billion in student loans.

As Dr. Foxx said just a moment ago, my district also has an example. I have 293,000 individuals in my district who don't have a college degree, and they should not have to pay their share, $3,800 each, for this latest student loan transfer scheme by the President.

Over the last 3 years, our government has nearly destroyed the student loan system by freezing payments, promising forgiveness, and changing loan terms. It has to stop. Americans cannot afford it.

Mr. Speaker, we can help today by voting in favor of this legislation.

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