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True Cost of Biden’s Student Loan Giveaway is Closer to $600 Billion

September 27, 2022 — Blog    — In Case You Missed It...    — Press Releases    — Select Revenue Measures   

“It’s a cruel economy under Joe Biden and it’s deteriorating,” Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said in an interview with Maria Bartiromo on “Mornings with Maria” on Fox Business, warning that President Biden’s student loan giveaway and pro-labor pledge will drive inflation further into the future. 

House Republicans have solutions in the new Commitment to America: Lower taxes and fewer regulations that drive inflation.

CLICK HERE to watch the full interview.


Republicans want to know whether Manchin’s permitting bill will address the border crisis:

“[Senator Schumer’s promise to Senator Manchin] isn’t worth the paper it’s written on because even if the President signs it, the Administration is not going to comply with anything that streamlines energy, fossil fuels, and natural gas here in America – they will simply ignore it.”

“The big issue for Republicans here: Will this do anything to address the national security crisis at the border? Right now we don’t see a dime or a real effort to do that.”

“Certainly Democrats have the votes they need if they can get their act together. They’ve got the White House, the House, and the Senate they should be able to do this. They are going to have to tackle some infighting among their crowd. They’ve been doing this now for a year and a half, we’ll see if they can get their act together.”

President Biden’s Student Loan giveaway could cost $400B as we enter a recession, according to a new Congressional Budget Office (CBO) estimate:

“And that $400 billion frankly doesn’t count some other giveaways. The true number is probably closer to $600 billion, and it’s real. 

“The Administration is hyping this as their big campaign issue, so you can expect every dollar to be spent.

“It’s a cruel economy under Joe Biden and it’s deteriorating. We’re seeing the GDP projections downgraded, obviously unemployment’s worsening, inflation as well. 

“The Conference Board’s leading economic index went below the six month average in August. That’s never happened in 60 years that we didn’t see a recession. I think we are either in one or one is looming. That’s why it made no sense for this Administration to raise taxes on Made-in-America manufacturing and small businesses.”

READ: Analysis: Biden’s Student Loan Giveaway Would Benefit Highest Earners Most

President Biden’s pro-labor pledge will drive inflation further:

“Yeah, so, I think the President’s announcement was premature. There is no done deal. What he announced or at least what those unions announced is very inflationary over time. You’ve got a President talking about what he is doing to lower inflation while he is touting agreements that will drive it even further in the future. 

“That’s why in Republicans’ Commitment to America our focus on making our economy stronger is going to be less taxes and regulation that drive inflation, more energy innovation and more workers that can help relieve it.”

Protecting middle-class Americans from being targeted by Democrats’ supercharged IRS is a priority for Republicans taking the majority:

“That is job number one for a Republican House as Leader McCarthy indicated, that will be the first bill coming out of the Republican House, as it should be. 

“You know, those value shoppers, the neighbors you see at Target, Walmart, Ross, and Marshalls will see an extra 710,000 audits landing on top of them. Leader McCarthy and House Republicans are very clear: That is our first effort.”

Congress should make the Republican tax cuts permanent to grow the economy and lock in lower rates for middle-class families and small businesses.

“I think you are going to see a couple of approaches here. One is to repeal the tax hikes, especially on Made-in-America manufacturing and small businesses that Democrats brought about. 

“You are going to see an effort to make our tax cuts permanent to lock in lower taxes for families and small businesses and create certainty for the pro-growth provisions.”