Debt Bailout Deepens Deficit

Floor Speech

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Mr. FLOOD. Mr. Speaker, I rise today to address the growing impact of President Biden's student loan bailouts on our Federal deficit.

Over the past 3 years, President Biden has repeatedly bypassed Congress and the courts to cancel student loans. His actions have fueled inflation and have now become the number one factor in growing the Federal deficit, according to the Congressional Budget Office.

Let's be clear: Canceling student debt is not free. Just this year, student loan bailouts will cost the Federal taxpayers $145 billion.

While debtors won't be responsible for their loans anymore, taxpayers will still be paying principal and interest.

Every dollar President Biden cancels in student loans adds directly to our country's crippling $35 trillion debt.

It is only getting worse. Interest payments on our national debt have nearly doubled in the last few years, crossing $1 trillion for the first time in 2023.

We cannot go on like this. It is time to stop these outrageous loan bailouts and restore fiscal sanity.

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