[Congressional Record Volume 170, Number 109 (Friday, June 28, 2024)]
[House]
[Page H4414]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      DEBT BAILOUT DEEPENS DEFICIT

  (Mr. FLOOD asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  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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