Providing for Congressional Disapproval of the Rule Submitted By the Department of Education Relating to ``Waivers and Modifications of Federal Student Loans''

Floor Speech

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Mr. BEAN of Florida. Mr. Speaker, you get $3,527. You get $3,527. You get $3,527.

Mr. Speaker, whether you like it or not, you have just acquired $3,527 in new student loan debt. That is right. Thanks to this crazy student loan bailout, every man, woman, and child in America will owe $3,527 to foot the bill for someone else's debt.

Mr. Speaker, aren't we already in a debt crisis?

Yes, we are.

We already have a whopping $32 trillion in debt. We are struggling right now to come to an agreement on how we are going to pay our bills. This administration's student loan bailout will just throw gasoline on the inflation fire, making it even harder for our families to put food on the table. It is the last thing our economy needs.

Mr. Speaker, is this fair?

Of course it is not fair.

This bailout sounds like a Houdini-type escape from the responsibility of student loan debt. Instead, 87 percent of Americans without student loan debt will end up paying for the 13 percent of Americans who do.

How do you tell someone who has worked their way through college or joined the military to get through school, like my son, that they will now be saddled with paying off a Harvard graduate's underwater fire safety degree?

This whacky student loan bailout is unfair to taxpayers and unfair to future generations of students.

Mr. Speaker, the whole plan is nuts. There is only one correct answer, and that is to vote ``yes'' on this Congressional Review Act.

Mr. Speaker, let's bring sense and sensibility to America's education system while protecting the interests of taxpayers.

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