During House floor remarks on Friday, Rep. Mike Flood (R-NE) spoke about President Biden’s student loan “bailouts.”
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NewsTranscript
00:00Mr. Speaker, I rise today to address the growing impact of President Biden's student loan
00:14bailouts on our federal deficit.
00:16Over the past three years, President Biden has repeatedly bypassed Congress and the courts
00:21to cancel student loans.
00:23His actions have fueled inflation and have now become the number one factor in growing
00:28the federal deficit, according to the Congressional Budget Office.
00:31Let's be clear, canceling student debt is not free.
00:36Just this year, student loan bailouts will cost federal taxpayers $145 billion.
00:43While debtors won't be responsible for their loans anymore, taxpayers will still be paying
00:48principal and interest.
00:50Every dollar President Biden cancels in student loans adds directly to our country's crippling
00:55$35 million debt.
00:57And it's only getting worse.
01:01Interest payments on our national debt have nearly doubled in the last few years, crossing
01:05$1 trillion for the first time in 2023.
01:08We cannot go on like this.
01:10It's time to stop these outrageous loan bailouts and restore fiscal sanity.
01:15Thank you, Mr. Speaker, and I yield back.