May 10, 2023
WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) delivered the following statement, as prepared for delivery, at the Committee’s markup to consider H.J. Res. 45, a Congressional Review Act resolution to overturn Biden’s student loan debt transfer scheme:
“The Committee is meeting today to discuss H.J. Res. 45, a Congressional Review Act resolution to overturn Biden’s student loan bailout.
“I thank Representative Bob Good for sponsoring this crucial resolution.
“If passed through both chambers, the joint resolution being debated today would nullify President Biden’s radical plan to cancel up to $20,000 in student debt by executive fiat. For two years, President Biden has attempted to push a free college agenda through radical regulations including income-driven repayment, executive actions like blanket cancellation, and his permanent pause on repayment.
“Student loan ‘forgiveness’ is nothing more than a transfer of wealth from those who willingly took on debt to those who did not or had the grit to pay off their loans.
“Just 13 percent of Americans hold student loan debt and over half is held by graduate students. In other words, President Biden is forcing the very people Democrats claim to care about – low-income families, disadvantaged populations, and blue-collar workers who never stepped foot on a college campus – to pay someone else’s tuition bill.
“How much would it cost the American taxpayer? President Biden’s student loan bailout alone will cost taxpayers an estimated $315 billion according to the Congressional Budget Office. Coupled with his reckless income-driven repayment plan and other expansive regulations, his student loan scams could cost as much as $1 trillion. In fact, at a cost exceeding $3,500 per taxpayer, the President’s income-driven repayment plan and mass cancellation represent the most expensive executive actions in American history, period.