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. ALLEN. Mr. Speaker, I rise today in strong support of H.J. Res. 45, which would overturn President Biden's egregious student loan transfer scheme.

Our Nation is $31 trillion in debt. We are staring down a debt ceiling deadline due to the President's inaction. Yet, this administration is dead set on enacting costly programs like a massive student loan bailout that will increase the financial burden on those who did not take out a loan themselves.

Hardworking taxpayers will be stuck with a tab of over $300 billion, and $1.4 billion in the 12th District alone, my district. Broken down further, the residents of Georgia's 12th District would each have to pay the Federal Government an additional $3,527.

To my colleagues on the other side of the aisle, student loan cancellation doesn't make the debt go away. It shifts the cost from the student loan borrowers who made a financial commitment and transfers it to the U.S. taxpayers.

Forcing hardworking taxpayers to foot the bill for student loans they didn't borrow is simply unconstitutional, period.

Democrats would also have you believe that canceling student loan debt would reduce the cost of college tuition.

We can all agree that addressing ballooning college costs is paramount, but studies show increasing subsidies to colleges and universities causes the cost of college to increase. This overreaching plan is going to make the financial burden of pursuing a college degree even more severe.

Overall, the student loan transfer scheme is unfair to hardworking Americans and unfair to future students.

Mr. Speaker, I urge a ``yes'' vote on this resolution to overturn the Biden administration's radical student loan bailout.

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