Veterans Backlog Reduction Act

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 232 and ask for its immediate consideration.

Mr. Speaker, for the purpose of debate only, I yield the customary 30 minutes to the gentlewoman from New York (Ms. Slaughter), pending which I yield myself such time as I may consume. During consideration of this resolution, all time yielded is for the purpose of debate only.

General Leave

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks.

Mr. Speaker, House Resolution 232 provides for a closed rule providing for consideration of H.R. 1911, the Smarter Solutions for Students Act.

As many of us know, on July 1, today's 3.4 percent subsidized Stafford loan interest rate is set to double to 6.8 percent for millions of current students, all because elected officials made a promise they couldn't afford to keep for the long haul. Student borrowers shouldn't have to ride the roller coaster of political largess, wondering every year whether Congress will intervene in time to keep their student loan rates low. And taxpayers shouldn't be expected to foot the bill whenever Members of Congress promise more than they can deliver.

For the sake of students, families, and taxpayers, before July 1 we need to move our Federal student loan programs away from politics. Student loan rates should not be subject to the whims of Washington or seized as bargaining chips.

The Smarter Solutions for Students Act will remove politics, uncertainty, and confusion from the rate-setting equation and instead anchor student loan interest rates on the 10-year Treasury note, not just for 4 years, but for good. By tying rates to the market, the Smarter Solutions for Students Act establishes a predictable rate for loan calculation insulated from the politics and posturing of Washington.

House Republicans aren't alone in finding the answer for predictability in

the market. President Obama offered a similar market-based interest rate plan in his 2014 budget proposal, and some of my colleagues across the aisle have voiced openness to utilizing the market to set interest rates as well.

In developing this legislation, the committee has attempted to build on this common ground and work in good faith with the administration to improve the Smarter Solutions for Students Act and get it to the President's desk by July 1. Students, families, and taxpayers deserve a long-term solution, not more can-kicking from Washington. The Smarter Solutions for Students Act puts an end to the temporary fixes and campaign promises that have failed to deliver the best rates to students.

This legislation offers predictability, simplicity, and the ability for students to take advantage of low rates, even after graduation, a need particularly acute in today's jobless economy. The American people deserve the clarity, certainty, and protection the Smarter Solutions for Students Act offers.

I urge my colleagues to vote for the rule and the underlying bill.

With that, Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

It's important to remember how we landed in this predicament to begin with. Why are we now facing this student loan interest rate cliff?

In a push to win votes during the 2006 campaign cycle, Democrats pledged to cut student loan interest rates in half across the board permanently. After gaining control of Congress in 2007, they realized this campaign promise was far too expensive. Instead, they championed legislation to phase down gradually the interest rate on one type of Federal student loan--subsidized Stafford loans made to undergraduates--from 6.8 percent to 3.4 percent over 4 years. Once the law expired in 2012, the interest rates would jump back up to 6.8 percent.

Instead of working with Republicans on responsible solutions that would help make higher education more affordable for students in the long run, the Democrat Congress chose to make false promises to borrowers and kick the can down the road.

Democrats had an opportunity to fix this problem. In 2009, they passed the Student Aid and Fiscal Responsibility Act, which produced large budgetary savings by eliminating the private sector loan program. ``Savings'' should be in quotation marks, Mr. Speaker. But instead of making good on their campaign promises of lower student loan interest rates, Democrats spent all of the funds on other pet projects, including siphoning $8 billion from Federal student aid programs to pay for ObamaCare.

It is time for a long-term solution that gets politicians out of the business of setting student loan interest rates. That is why Republicans approved a 1-year extension of the 3.4 percent interest rate last year to allow time to work on a comprehensive solution. The Smarter Solutions for Students Act is the result of our efforts.

Republicans and Democrats should come together to pass this legislation and ensure students and families don't have to worry about politicians setting arbitrary interest rates or kicking the can down the road for years to come.

With that, Mr. Speaker, I reserve the balance of my time.

I yield myself such time as I may consume.

Mr. Speaker, in my career before coming to Congress, I was the director of an Upward Bound special services program. I was an adviser for students at Appalachian State University. I was the president of a community college. For all of my life, I have devoted my time to helping students--particularly disadvantaged students--who wanted to go to college, who wanted to do the same kind of thing that I did as a disadvantaged person, and that is to get a great education and use that education to better my life.

I am offended that my colleagues would say that what I want to do is to stop people from going to college or to hinder them in any way from achieving the American Dream. My whole goal all my life has been to help other people, particularly young people, and I believe my experience shows that.

So, Mr. Speaker, that's not what this bill is about. This bill is about taking away the arbitrary control of Members of Congress who think of themselves as smarter than everybody else in the world, and it is about allowing the market to work.

The current Federal loan program is broken. An overwhelming majority of students are stuck with interest rates on loans that do not match the current low interest rate environment because of failed Democrat campaign promises to cut student loan interest rates in half permanently. These students are also often confused about why most of their Federal loans are fixed at nearly 7 percent when the market rate is much lower, and they question why each type of student loan has a different rate. To put it simply, student borrowers are getting a raw deal, and they know it.

Under the legislation, student loan interest rates would reset once a year and move with the market, much like they did from 1992 to 2006. This bill is the only viable plan on the table that is fiscally responsible, that helps students and protects taxpayers. We should pass this bill immediately. According to the Congressional Budget Office, the proposal does not cost any additional revenue to implement over the next 5 or 10 years.

H.R. 1911 will provide stability and certainty for students making decisions about how to finance their postsecondary education. They will be assured year after year that the interest rate on their student loans will be similar to market conditions, and they won't have to wonder whether Congress is going to make arbitrary changes to interest rates. The bill offers students the ability to take advantage of interest rates when they're low, and it protects them with affordable caps in high-rate environments. The bill continues current law in which students have the option to consolidate their loans after graduation and to lock in a fixed interest rate for the life of the loan. Mr. Speaker, these are commonsense provisions that will benefit student borrowers greatly.

The legislation also ensures students can continue to take advantage of a number of generous Federal repayment options and debt management programs available to help those experiencing difficulty in repaying their loans. For example, students can enter one of the income-based repayment plans that caps their monthly payments at affordable levels and provides forgiveness after 20 or 25 years. For students in the public sector, the program allows loan forgiveness after 10 years. The Smarter Solutions for Students Act is a long-term, comprehensive solution that gets Washington politicians out of setting interest rates on Federal loans, and it will better serve the interest of students. We should pass this rule and the underlying bill now.

With that, I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

During the 2006 election cycle, Democrats made student borrowers a promise they did not keep. As a result, interest rates on student loans are set to

double in a matter of weeks. The Smarter Solutions for Students Act will provide student borrowers with the certainty and stability they need to finance their education.

Today's graduates are facing severe economic headwinds that make finding a job, repaying student loans, and starting a family extremely difficult. These students want nothing more than the opportunity to earn their own success. That's the American Dream. But for many of them, that dream seems hopelessly out of reach. We can do better, Mr. Speaker.

The overall unemployment rate is 7.5 percent. That's hardly better than the day President Obama took office. Twelve million Americans are unemployed and anxious to get back to work, and 7.9 million Americans are underemployed.

According to the Joint Economic Committee, the slight decline in the unemployment rate is largely a mirage created by declining labor force participation. If the labor force participation rate had not declined since January 2009, the unemployment rate would be 10.9 percent instead of 7.5 percent. As we all know, this is well above the officially reported rate and the stimulus promise of 5.1 percent.

According to the Bureau of Labor Statistics, the number of involuntary part-time workers increased in April by 278,000 to 7.9 million. These are people working part time because their hours were cut back or because they are unable to find a full-time job.

There were 835,000 so-called ``discouraged workers'' in April alone. Discouraged workers are those ``persons not currently looking for work because they believe no jobs are available for them.''

Mr. Speaker, these people aren't just jobless; they're hopeless and they deserve better. It's time to get America working again. But the failed policies of President Obama and Senate Democrats--higher taxes, more spending, and bigger government--are designed to continue to fail to create jobs or spur economic growth. The effects of President Obama's runaway spending, spiraling deficits, and mounting debt are being felt by every American.

When President Obama took office, there were 31.9 million Americans using food stamps. Today, 47.3 million Americans use food stamps. That's an increase of 15.4 million people. Today, 15 percent of the entire U.S. population receives food stamp assistance. That is, by far, the largest number in history.

Mr. Speaker, the policies of this administration are taking us in the wrong direction. The Republicans are focused on creating jobs and making things better for all Americans, and we need to pay attention to those policies. We can pass this rule, pass this bill, and get us going in the right direction for college students.

With that, Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

In my last comments, I talked about statistics and the effect of the policies of this administration. These statistics ultimately say the same thing: the Obama economy is making life more difficult for all Americans, especially young people.

Fortunately, House Republicans have a plan to restore economic growth and spur job creation so that graduating students can find employment.

Job creators are being stymied by mountains of regulatory red tape, crippling tax rates, a perplexing Tax Code, needlessly high energy prices, and rampant uncertainty caused by the President's failed leadership. Mr. Speaker, there is a better way.

House Republicans are hard at work passing legislation to help grow the economy and create jobs. Our goal is to tear down the barriers to job creation and unleash the power of American ingenuity so that today's graduates can prosper and succeed and achieve the American Dream.

As part of this plan, we're working diligently to make life easier for student borrowers, cut job-killing red tape that costs small businesses $10,585 per employee each year, reduce gas prices, and create jobs by producing more American energy, which is important since every penny increase per gallon of gas costs consumers $4 million per day. We also need to simplify a job-killing Tax Code that cost Americans $168 billion in 2010 just to comply, prevent job-killing tax hikes on small businesses, and reduce uncertainty by tackling the debt crisis with responsible spending cuts.

The Republican plan will demolish Washington's self-made roadblocks to prosperity and put American job creators back on offense.

The trick to growing our economy is getting politicians out of the way and letting American workers and entrepreneurs do what they do best: create shared prosperity through freedom and innovation. The Smarter Solutions for Students Act is an important part of this plan. I urge my colleagues to support this rule and the underlying bill.

With that, I reserve the balance of my time.

Mr. Speaker, my colleague is accusing Republicans of increasing taxes on students. That is a laughable accusation, especially when you look at the number of proposed tax increases included in the Democrat budget resolution. It's almost as disingenuous as their calling for dedicating the 10-year savings generated by the underlying bill to higher education. After all, in 2010, House Democrats passed the Student Aid and Fiscal Responsibility Act, SAFRA, which included language that put $13 billion in savings toward deficit reduction. In the final version of SAFRA, Democrats siphoned approximately $9 billion of the $19 billion in savings to pay for ObamaCare. The rest of those savings went to deficit reduction.

The Smarter Solutions for Students Act is a fiscally responsible plan that generates a small amount of savings based on CBO estimates. It stabilizes Federal loan programs for future generations of students and gets Washington out of the business of setting student loan interest rates.

With that, Mr. Speaker I reserve the balance of my time.

Mr. Speaker, I'll continue to reserve the balance of my time.

Mr. Speaker, I continue to reserve the balance of my time.

Mr. Speaker, my colleagues are concerned about the predictability of the market. What about the predictability of Congress?

Congress is the source of this volatility. Our bill protects students if interest rates rise with caps. Not even President Obama's plan does that.

Mr. Speaker, with that, I would like to yield 3 minutes to my distinguished colleague, the gentleman from Georgia (Mr. Woodall).

Mr. Speaker, I yield myself such time as I may consume.

America's college students, especially those who have studied math, understand that if Washington can't get its act together, their generation will be stuck paying the tab. So they have little sympathy for elected leaders who refuse to face reality by pretending that recklessly spending money we don't have will somehow translate into economic prosperity. It's time to face the simple truth: government spending won't fix our economy.

America's growing debt is real, and Congress has the responsibility to deal with it. The first step must be reining in government spending by passing a balanced budget. That is why House Republicans took the lead and passed H. Con. Res. 25, the Path to Prosperity Budget. Our budget brings spending discipline back to Washington, which balances the budget in 10 years, provides for comprehensive tax reform without raising tax rates, and removes many of the regulatory barriers that prevent employers from hiring new graduates. The House Republican budget stops spending money we don't have by cutting waste, fixing our broken Tax Code, and balancing in 10 years.

A balanced budget will promote a healthier economy, create more jobs for graduating students, and put more money in Americans' pockets. Our budget provides economic security for workers and families, ensures a secure retirement for the elderly, repairs the safety net, and expands opportunities for graduating students entering the workforce.

Republicans have passed a bold budget that tackles America's most pressing fiscal challenges and grows our economy today to ensure the next generation inherits a stronger, more prosperous America.

Mr. Speaker, one of the best things we can do for college students now and in the future is to provide a stronger economy.

I reserve the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

My colleagues allege, ``The Republican bill raises interest rates on students when we should be providing them with relief from their student loan debt.'' But let me respond to that, Mr. Speaker.

The Smarter Solutions for Students Act will lower the interest rates for all new borrowers in the Stafford loan and PLUS loan programs rather than just extend an artificially low rate to a small subset of borrowers. This makes Federal loans more affordable for all incoming students and parents. The underlying bill helps all students, including those borrowers receiving subsidized loans, whose loans are slated to double, based on the irresponsible actions of the other side.

The bill includes a reasonable cap--something missing in the administration's budget--which protects borrowers in high interest rate environments. If Democrats think the 8.5 percent cap is too high, then let's see their fiscally responsible, paid-for proposal to back up their rhetoric.

The legislation also maintains current law allowing borrowers to take out a consolidation loan after graduation, where they can lock in their interest rate for the life of the loan. Students can also take advantage of a number of repayment plans and debt management initiatives such as the income-based repayment program, loan forgiveness programs, and opportunities for deferment or forbearance.

The Smarter Solutions for Students Act is a comprehensive, responsible solution that will benefit all students and parents.

I reserve the balance of my time.

Mr. Speaker, I'd like to inquire of the gentlewoman from New York if she is prepared to close.

I'll reserve the balance of my time and allow my colleague to close.

Mr. Speaker, House Republicans are committed to providing more opportunities for more Americans and helping make life work for more families. This legislation is a great step in that direction.

Student borrowers deserve more than platitudes and empty promises. They deserve real solutions that will improve their lives and help them achieve success.

Our conservative solutions to the challenges facing young Americans today are the right solutions, and the results will speak for themselves. Therefore, I urge my colleagues to vote for this rule and the underlying bill.

Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

I thank the gentlelady from New York and the gentlelady from North Carolina. I thank the gentlelady from New York for her persistent leadership on this issue.

I rise today to first ask the question how you can have legislation that sounds positive, but in actuality literally puts the education system of America upside down.

First, let me tell you how frustrated Americans are as they see the drip, drip, dripping of the sequester; and I join the gentlelady in her frustration on why we have not gone to budget reconciliation. I just want to mention the pathway of education so we can see that families are being pounded upon. Sequestration is causing 70,000 children to lose Head Start and Early Head Start. And, unfortunately, 950,000 military children will lose teachers. I live in a State where we have a lot of military bases.

So when I rise today to oppose H.R. 1911, I rise with a high degree of overwhelming frustration for the people who live in my State. I am sorry that this rule did not accept an amendment that I had that would have submitted a report to Congress on the feasibility of offering loan forgiveness for those who put businesses in economically depressed areas. That truly provides for jobs.

But then the real thing is to cap the interest rates at 4 percent. As was indicated by my colleague, Mr. Holt, he indicated how the numbers would go up for the students. Well, let me talk to you about Parent PLUS. Now, you can really see the oppression on parents who are trying to help their children go to school. In addition to the $100 billion of debt that students are carrying, we now eliminate the feasibility of Parent PLUS loans. Right now in current law, they're $27,956. But if we go into this bill, they'll go up to almost $36,000. Imagine a parent with four children.

I've spoken in the last couple of weeks at the University of Houston- Downtown, the University of Houston, Texas Southern University, Houston Community College. I've spoken at Lone Star colleges, all of these colleges in our districts, St. Thomas.

All of this does not answer the question when this bill will be passed. I ask my colleagues to oppose the rule, oppose the underlying bill. Cap this. This is not the President's message. The President had an extended life to be able to provide for parents and students. All you have to do is look at the red--$36,000 is what this bill is going to cost parents, and that means that we're going to close the door of opportunity for women, for minorities, and for Americans to get a higher education.

This is not the way in graduation season to say thank you to our children for being successful and graduating from college. Let's oppose this bill and do the right thing for Americans.

Mr. Speaker, I rise in opposition to the Rule and the underlying legislation because H.R. 1911, the Smarter Solutions for Students Act would cause financial hardship for students seeking a higher education.

The Rule for H.R. 1911 did not fix the underlying legislation. In fact, the Rule we are debating accepted no amendments that were offered by Members of the Congress. I offered the Jackson Lee Amendment #1 that would have capped student interest at 4 percent. This would have removed the threat of the cost of education doubling at the beginning of July.

I also offered the Jackson Lee Amendment #2, which directed the Secretary of Education to submit a report to Congress on the feasibility of offering student loan forgiveness to those who start businesses in economically depressed areas such as HUBZones.

This amendment would have encouraged young people from low income areas who get college degrees to return home to start businesses. This would establish economic opportunities for young graduates as an option for employment and at the same time bring businesses and job opportunities to target areas.

Students who are graduating across the nation are departing colleges and universities this spring with immense debt. Student borrowing is widespread with more than $100 billion in federal education loans distributed every year. In total, student loan debt adds up to $1 trillion. As a direct consequence of a weak economy, more than ever students and parents must rely upon loans to pay for higher education.

The American family has been under financial pressure for twenty years resulting in longer hours, less pay and more debt. The only reliable way in today's economy to earn more is to learn more. During difficult economic times adults seek new careers by going back to school. Parents who want a better life for their children will take on college loan debt because the cost of education requires it.

In the City of Houston, this spring I have participated in commencement exercises for the University of Houston, Texas Southern University, Houston Community College and Lone Star College North Harris. There are thousands of new graduates just in the City of Houston alone who are ready to pursue their dreams, but who will wake up to the reality of tens of thousands of dollars in debt.

On July 1, 2013 the student loan interest rate will rise from 3.4 percent to 6.8 percent. As Members of the Congress we know what this will mean for students in our districts and what it will mean for colleges and universities in our Congressional Districts.

Some may try to tell you this bill does what President Obama proposed to do, but it does not. The President's proposal would have fixed the rate on student loans based on the actual Department of the Treasury's cost of borrowing. The Administration's plan would set the repayment costs for the entire life of the student loan, which would have created certainty for the borrower. The President's plan would tie student loan repayments to what graduates were earning after starting their careers. This would have supported a student's dream to become a teacher, social worker, artist, lawyer, doctor or engineer.

Finally, President Obama would extend these favorable loan options to those already in the workforce who still have student loan debt. Paying a reasonable rate that is fixed over the life of the loan and would be based on what you can afford to pay--that is what the President proposed, but this is not what this bill does.

The need for education from cradle to grave should be a national priority, not an afterthought. This is a bad bill that will not solve the problem of out of control student loan debt. For all of these reasons, I urge my Colleagues to join me in voting no on the Rule for H.R. 1911, and the underlying legislation.

American Association of

University Women,

Washington, DC, May 15, 2013.

Re Oppose the Smarter Solutions for Students Act (H.R. 1911)

Dear Representative: On behalf of the over 150,000

bipartisan members and supporters of the American Association

of University Women (AAUVV), I urge you to vote against the

Smarter Solutions for Students Act (H.R. 1911). While AAUW

supports preventing the doubling of interest rates on

subsidized Stafford loans, scheduled to occur on July 1st,

the Smarter Solutions for Students Act fails to provide

stability in borrowing for students, and would not ensure

that rates stay low in the foreseeable future.

With changes in the workforce over the century, higher

education is becoming less of a luxury and more of a

necessity. At current rates, the U.S. will add over 16

million jobs by the year 2020 that require at least some

postsecondary education. Moreover, the number of jobs

requiring a graduate degree is estimated to grow by at least

2.5 million by that same year. Since many students cannot pay

for their degrees out-of-pocket, student loans are an

important option and a worthwhile investment. College

graduates have fared better in the recent recession and

current recovery, and have higher wages and better job

prospects overall. Students rely on Stafford loans as a part

of the financial aid they use to finance higher education.

Subsidized Stafford loans are only offered to students with

demonstrated need. Specifically, about 30 percent of

undergraduates in 2007-08 received a subsidized Stafford

loan, and a majority of those recipients were women.

Many graduates struggle to repay their loans. Loan

repayment is an even more significant burden for women, who

earn less on average over the course of their lives than

their male counterparts. AAUW's research report, Graduating

to a Pay Gap: The Earnings of Women and Men One Year after

College Graduation, found that the median student loan debt

burden was slightly higher in 2009 for women than men. In

addition, among full-time workers who were repaying their

loans in 2009, nearly half (47 percent) of women one year

after college graduation were paying more than 8 percent of

their earnings toward student loan debt. Only 39 percent of

men were in the same position. Furthermore, just over half of

women (53 percent) and 39 percent of men, were paying a

greater percentage of their income toward student loan debt

than AAUW estimates a typical woman or man could afford.

Keeping interest rates low on student loans is important

and the Smarter Solutions for Students Act would fail to do

so. At the current interest rate of 3.4 percent the

government earns almost 12.5 cents per each dollar loaned in

the subsidized Stafford loan program. This underscores that

there is no reason rates should increase at all for students.

Under the Smarter Solutions for Students Act, over the next 3

years interest rates are projected to rise to as much at 7.36

percent. Not only would Fixed rates ensure that when students

borrow, they know upfront what their monthly repayment amount

will be, as the rate is consistent through repayment. AAUW

knows that this is a key component of ensuring students are

smart borrowers when it comes to financing their higher

education. If they must take out a loan, knowing the

repayment schedule of that loan is necessary for their

planning purposes.

Allowing the interest rates on subsidized Stafford loans to

double on July 1 would have a real impact on students. The

interest rate increase could mean as much as $1,000 in

additional debt. But, the Smarter Solutions

for Students Act is not a real solution. Under this proposal

interest rates would be projected to increase, and students

and graduates would be faced with annual uncertainty as their

rates at origination and during repayment would vary based on

the market. I urge you to vote against the Smarter Solutions

for Students Act (H.R. 1911). Votes associated with this

legislation may be scored in the AAUW Action Fund

Congressional Voting Record for the 113th Congress. If you

have any questions or need additional information, feel free

to contact me or Anne Hedgepeth, government relations

manager.

Sincerely,

Lisa M. Maatz,

Director,

Public Policy and Government Relations.

Mr. Speaker, I thank the gentlelady from North Carolina for yielding me the customary 30 minutes, and I yield myself such time as I may consume.

On July 1, interest rates on federally subsidized Stafford student loans will double from 3.4 percent to 6.8 percent. At a time, as everybody said this morning, when job prospects for students remain few and far between, we must not--or should not--let student loan interest rates rise.

That is why it's so disappointing that instead of helping the college students, the majority is doing ``go-nowhere'' legislation--because the Senate will not take this up--that would actually increase loan costs for the Nation's students.

According to the nonpartisan Congressional Research Service, a student who borrows the maximum subsidized Stafford loans for each of the next 4 years would actually pay $1,056 more under the majority's plan than they would if Congress failed to act and interest rates doubled. That's a rather sobering idea.

This is just the latest example of putting politics and special interests ahead of the American people. As we speak, the majority is preventing a budget from being finalized even though they have been calling for a budget for years.

Currently, both the House and the Senate have passed the budget resolutions, which means the only step left--and everybody who knows how a bill is passed knows this--the only step left is to organize a conference committee to finalize the conference report; yet the majority of the House refuses to appoint conferees and begin the conference process.

Now, why is the majority suddenly abandoning their quest to produce a budget? Is it because their desire for a budget is nothing more than to make political points?

It is clear the majority is consistently choosing to put political interests before the welfare of the Nation, even if it means that the American people will and are suffering. This obstructionism must come to an end.

I urge my colleagues, once again, to reject today's rule and the underlying legislation that will never go past the House so that we can get busy solving the American student loan debt crisis in a bipartisan way. Let's protect our Nation's students from a doubling of student loan interest rates and work together to craft a solution that will end the growing mountain of student debt and ensure college is more affordable for our Nation's students. Our Nation's future depends on it.

I reserve the balance of my time.

Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from California, the ranking member of the Committee on Education and the Workforce, (Mr. Miller).

(Mr. GEORGE MILLER of California asked and was given permission to revise and extend his remarks.)

I yield the gentleman an additional 2 minutes.

Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from North Carolina (Mr. Butterfield).

Mr. Speaker, I'm pleased to yield 1 minute to the gentlewoman from the State of Washington (Ms. DelBene).

Mr. Speaker, I'm pleased to yield 2 minutes to the gentlewoman from Florida (Ms. Castor).

Mr. Speaker, I am pleased to yield 2 minutes to the gentleman from New Jersey (Mr. Holt).

Mr. Speaker, I am pleased to yield 2 minutes to the gentlewoman from Texas (Ms. Jackson Lee).

(Ms. JACKSON LEE asked and was given permission to revise and extend her remarks.)

I yield an additional 30 seconds to the gentlewoman.

Mr. Speaker, I'm pleased to yield 2 minutes to the gentleman from New Jersey (Mr. Andrews), a member of the Committee on Education and the Workforce.

(Mr. ANDREWS asked and was given permission to revise and extend his remarks.)

I yield the gentleman an additional 30 seconds.

Mr. Speaker, I'm delighted to yield 2 minutes to the gentlewoman from Connecticut (Ms. DeLauro).

Mr. Speaker, I'm pleased to yield 2\1/2\ minutes to the gentleman from Colorado (Mr. Polis), a member of the Committee on Rules.

Mr. Speaker, I hope my friend's comments mean that the Republicans are ready to appoint conferees.

I am pleased to yield 1 minute to my colleague, the gentlewoman from New York (Ms. Clarke).

Mr. Speaker, if we defeat the previous question, I will offer an amendment to the rule that will allow the House to vote on the Veterans Backlog Reduction Act. To discuss our proposal, I am pleased to yield 4 minutes to the gentleman from Illinois (Mr. Enyart).

Mr. Speaker, I am prepared to close, if my colleague has no further requests for time.

Mr. Speaker, I wish we were debating legislation that I thought might actually have a possibility of becoming law, but we are not.

I ask unanimous consent to insert the text of the amendment in the Record, along with extraneous material, immediately prior to the vote on the previous question.

I urge my colleagues to vote ``no'' and defeat the previous question and to think about Memorial Day and our proposal to take care of the veterans' backlog. I hope that we are successful in getting that done.

I urge a ``no'' vote on the rule, and I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

I thank the gentlewoman for yielding and for her work on this rule last night in the committee.

It has already been said that, in a little more than a month, the interest rates on loans for millions of the neediest students will double to 6.8 percent from the current 3.4 percent. This morning, unfortunately, the Republican majority has put forth a bill that is even worse than if the Congress does nothing.

Think about it. If Congress does nothing, the interest rates go from 3.4 percent for those most in need of the student loans, for those families most in need to finance their educations, and will jump on July 1 to 6.8 percent. We're trying to avoid that because we know what that means to students who have to borrow money and families who have to borrow money to try to pay for their college educations.

What's the remedy of the Republicans?

The remedy of the Republicans is to do something that is worse than letting the interest rates double. Understand that. They've made a choice that's worse than if the interest rates double. It's no wonder that, beyond the Republican caucus, it's very hard to find anybody who is supporting this legislation. In fact, yesterday, the President said, if this bill is sent to his desk--I hope it will not be--that he will veto it.

Why would we do that?

Because it's very clear that this is going to add $4 billion to the debt of our students who Members of Congress lament are so deeply in debt because of the money they have to borrow that goes to education. It's not necessarily a choice for students or families if you want to get a college education, but why would you add $4 billion onto the backs of these students and their families?

Now, the majority had a number of alternatives last night in the Rules Committee. Mr. Courtney went there and said, We'll pay for it. We'll raise additional revenues to keep it at 3.4 percent. Then the Education and the Workforce Committee of this House can do its job, which is to reauthorize the Higher Education Act, and we can put in place a long-term program for helping families finance their educations. We have to also understand that we've got to do something about

the State support and the cost of college at the institutional level, but they turned Mr. Courtney down.

I offered to have the Obama amendment made in order, the legislation by President Obama, which actually saves students about $30 billion in interest rates over the next 6 years. It saves students and families over $30 billion. They wouldn't make that amendment in order.

Mr. Heck of Nevada came before them and said, Why don't we do like the market does? If you pay your loan on time for 4 years, we'll provide you an incentive to continue to be a good payer of your loan-- important to the Treasury, important to the students' credit ratings. Let's try that. They turned Mr. Heck down.

Mr. Rice came before the committee, the gentleman from South Carolina, and he said he would like to reduce the interest rates. He understands what students and families are struggling with. They turned him down. They turned down every attempt to try to help students and families.

I appreciate people talking about being through the recession. Well, let me tell you, for a lot of middle-income families, they're not through the recession yet. They've still lost the equity in their homes. They still have their credit problems. But do you know what? Recession or no recession, their kids are graduating from high school, and they want them to go to college. What the hell is this Congress doing making it more difficult for those kids to go to college? But that's the choice the Republicans have given us.

I would hope on a bipartisan basis we would reject this effort and that we would go to work on legislation that is long term, that's in the interest of the students, and stop crushing the aspirations of these families and these students, which this legislation does. It should be rejected. This isn't an interest in the market rates. This is using the market to crush these families by extracting billions of additional dollars off of their school loans.

I thank my friend from North Carolina for yielding me the time, and really appreciate her leadership on this issue.

You know, Mr. Speaker, I tell the young people when I speak to them back home, I say, turn on C-SPAN. If you don't have cable, don't buy cable; go to your friend's house to watch it. But turn on C-SPAN, and every person who comes to the House floor is going to say whatever they're doing today, no matter what it is that they're doing, they're doing it for the young people. They're doing it for that next generation, so the next generation can have a better life.

And I hear that from every single one of my colleagues on the other side of the aisle. We want to come down here and we want to defeat this rule today and we want to defeat this bill today, and we want to do it for the young people.

Well, Mr. Speaker, I'm down here for the young people of my district too. The young people of my district say, Rob, what about our prosperity? What about our future? What about fiscal responsibility?

Why are you and previous generations doing to us what you're doing?

How can we have a guaranteed access to opportunity, not guaranteed success, but guaranteed access to opportunity, going forward?

And the answer is, when we get out of the business of playing political games with every single issue, every single day, and we get back into the business of providing some certainty.

Mr. Speaker, you remember how we got in this predicament today. We got in this predicament because when my friends on the left were in control and they began to deal with student loan rates, at the time they said a 6 percent rate would be good. At the time they said a 4.5 percent rate would be good. Now, suddenly, only a 3.4 percent can be good.

With every single one of these changes, Mr. Speaker, there are economic consequences. We now know in America today student loan debt is greater than all credit card debt combined. It's an amazing burden that we're passing on to the next generation. We're not giving them opportunity; we are ensuring decades of servitude.

This bill, Mr. Speaker, begins to realign marketplace rates with student loan rates, giving every student a tremendously subsidized Federal rate.

And here's the thing, Mr. Speaker. You hear this debate. It's as if this very small portion of the marketplace, these 3.4 percent subsidized loans, are the ``end all, be all'' to every student in America. Not true. Not true.

As my friends on the other side of the aisle know perfectly well but never say, more than 70 percent of all of our students take out both subsidized and unsubsidized loans. And as my friends on the left know perfectly well but never say, they leave those unsubsidized rates at 6.8 percent.

The bill that Ms. Foxx has worked on so carefully with Chairman Kline brings those rates down to 4.5, maybe even 4.4. We'll see in that last week of Treasury markets in May. But we're tying the fiscal realities of this country to opportunities for our students.

I encourage students, Mr. Speaker, look at your bills, look at your rates. Look at the subsidized and the unsubsidized. You will see what this bill will do for you.

I rise in strong support, Mr. Speaker.