Providing for Consideration of H.R. 5973, Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2013; and Providing for Consideration of H.R. 5972, Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2013

Floor Speech

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Mr. COURTNEY. Mr. Speaker, unless Congress acts in the next 4 days, the subsidized Stafford student loan interest rate is going double from 3.4 percent to 6.8 percent. Despite the fact that that looming deadline which affects over 7 million college students all across American is staring us in the face, what we are debating here today is a rule which allows the House to go into recess for the 10th week since January, which is part of this rule.

The good news is that a couple of hours ago it was reported that the Senate and Republican leadership have actually agreed upon a settlement of this issue which would allow the 3.4 percent rate to be extended for 1 year. But I would note that Mitch McConnell, who's the minority leader for the Republic Party, said that:

Final approval of student loan legislation, which would prevent rates on Federal Stafford loans from doubling to 6.8 percent, depends on House Republicans.

The fact of the matter is we have no idea whether or not the House Republican leadership is going to agree to this compromise which the Senate leadership reached a few hours ago, because all we're debating here today is another adjournment or recess motion before the House. The fact of the matter is it is time for us to focus on this issue which the President on January 25 challenged Congress to act on.

I started this countdown chart at day 110. We are now down to the final hours before the interest rates double, which will cost thousands of dollars in more interest costs to college student across America, unless we act. The fact of the matter is that the House Republican bill that they rushed to the floor without a subcommittee, without a markup, was completely rejected by Republicans in the Senate. We now have the glimmer of a deal, a compromise. We should not be debating another adjournment resolution for the 10th week of recess this year until we get this work done.

There are millions of college students all across America who are waiting for us to get this issue resolved so that they can plan their budget for the next fall semester. And the fact that we're here again with another adjournment resolution with the most unproductive Congress in recent memory is ridiculous. We should reject this rule. Let's focus on getting the work done that the American people are counting on.

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