Interest Rate Reduction Act
Floor Speech
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Mr. BLUMENAUER. Mr. Speaker, unfortunately, a previous commitment has prevented me from voting today, but if I had the opportunity, I would have voted against the legislation. It is abundantly clear that Congress needs to do something to keep student interest rates from doubling for more than 7 million college students in the coming year. Ensuring that education is widely accessible is vital to growing the U.S. economy and to expanding opportunities for all Americans. The growing burden of higher education costs is an issue that everyone should be concerned about and threatens to limit future economic growth. We must not burden graduates with unmanageable college debt as they seek to launch a career or a business, start a family, or buy a house.
That's why Democrats have been pushing Republicans for weeks to do something to provide students and families with certainty as they look ahead to the 2012 2013 school year.
I am proud to be a cosponsor of H.R. 3826, which would permanently keep interest rates for student Stafford loans at 3.4 percent. Taking action to stop the doubling of these rates will save students $1,000, on average, over the life of their loans. There is a clear national interest in enacting this legislation and broad support from my constituents.
That's why it's particularly frustrating that Republicans have chosen to link their legislation, which provides students with only one year of reprieve before interest rates go up again, with a controversial offset that ensures the legislation won't actually pass. The chosen offset for this bill removes funding for health prevention services, forcing Americans to choose between preventive health care and paying more for college. For instance, Republicans have used this legislation to remove funding for breast and cervical cancer prevention and control efforts ($143 million), programs to address birth defects and developmental disabilities such as newborn screening for hearing loss and prevention of congenital heart defects ($107 million), and vaccinations for underserved children and adults ($72 million).
Both student aid and public health are core governmental functions and basic investments in our country's future. While providing student aid is very important, we have to make sure that children are healthy enough to go to college in the first place. Why are Republicans wasting America's time with political games when there is a clear path forward to solving the problem in a permanent, bipartisan fashion?
Unfortunately a long-standing engagement out of town means that I will have to miss the vote on this legislation. Due to my concern over the offset for the program, I would have voted no. I hope that my colleagues can draft a new bill that protects our students without taking money away from important preventative health services.
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