Rep. Mike Flood U.S. Representative for Nebraska's 1st District | Official U.S. House headshot
Rep. Mike Flood U.S. Representative for Nebraska's 1st District | Official U.S. House headshot
WASHINGTON, D.C. – Recently, U.S. Congressman Mike Flood addressed President Biden’s student loan bailout on the House floor, highlighting its impact on the federal deficit.
"Mr. Speaker, I rise today to address the growing impact of President Biden’s student loan bailouts on our federal deficit," Congressman Flood stated.
He continued, "Over the past three 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."
Flood emphasized that "canceling student debt is not free." He noted that "just this year, student loan bailouts will cost federal taxpayers 145 billion dollars. 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 dollar debt," he added. Flood also pointed out that interest payments on national debt have nearly doubled in recent years, surpassing one trillion dollars for the first time in 2023.
"We cannot go on like this – it’s time to stop these outrageous loan bailouts and to restore fiscal sanity," concluded Congressman Flood before yielding back his time.
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