Tribal General Welfare Exclusion Act of 2013

Thank you, Mr. President.

I am very pleased to join with a number of colleagues today representing all of those in our conference who are deeply concerned about the mound of debt that students incur when they are doing the right thing.

We say: Go to college, work hard, get skills for this new economy, come out so you can be successful. Having done that, too many of them are coming out with mounds of debt--crushing debt--that is stopping them from buying a house, starting a business, and moving forward with their future. There is something that can be done about that, and that is what we are here to talk about and invite our Republican colleagues to join us.

There was a filibuster a number of weeks ago against our student loan debt bill, the bank on students bill. We have an opportunity today to come together, rather than seeing a Republican filibuster, to join in a bipartisan way to provide incredibly important relief to millions of not only young people but older people across the country who are still struggling with student loan debt.

In every generation there are young Americans from middle-class families who have the grades to go to college but not the financial resources. They take out student loans because they know that before they can get the job they want to be able to get a fair shot at the American dream, they have got to have a degree, and that is what they are taught. That is what we all tell our children. That is what I was told as well. What they are looking for is a degree, not debt. Unfortunately, by the time students graduate, they are in fact saddled in today's world with mounds of debt.

To address this problem, Senator Warren, Senator Franken, and I and many Democratic colleagues have joined to introduce the bank on students emergency loan bill. It would allow responsible borrowers to refinance their loans at lower rates, the rates from last year, the lowest possible rates in place. These are rates that are currently only available to new borrowers. We think everyone ought to have an opportunity to do that. In fact, with lower interest rates, we have seen so many people, including many of us, refinancing their homes, taking advantage of lower interest rates, being able to use lower interest rates in other ways. But students have been prohibited--anyone with a student loan has been prohibited from refinancing. That is plain wrong, and our bill addresses that.

Passing this bill would help more than 25 million Americans. I cannot think of any one single thing we could do that would immediately help 25 million people, including 1 million hard-working people in the State of Michigan.

A mother named Frances from Macomb County outside of Detroit wrote to me on September 6, and she talked about her children. She has two children. Both of them chose jobs that serve the public. One is a teacher and one is a nurse. Because of the loans they took out when they were working hard to get their way through college, their student loan debt now is nearly $100,000--$100,000.

In Michigan, 62 percent of college students have debt when they graduate. The average is about $29,000, although I have talked to people with not only the $100,000 debt I just mentioned but young professionals with $185,000 or $200,000 debt if they have gone to graduate school or medical school or law school, and it can be even higher.

On the other end of the spectrum, there are some Americans who worked all their adult lives and are now retired, and in fact they are on Medicare and they are still paying student loan debt. This is wrong. We need to act to change this.

The total student loan debt in this country right now is $1.2 trillion. That is more than credit card debt--more than credit card debt, $1.2 trillion. If you put it another way, after every one of the 7.2 billion people--men, women, and children in the world--if everybody in the world donated $165 to pay off America's student loan debt, it still wouldn't be quite enough.

This is something with a great sense of urgency to it. This bill needs to pass. We need to pass it now. If this passes, it means parents can save for their children's education, for a home, can start a business, can afford their car, can begin saving for their own retirement instead of just paying off student loan debt. These aren't luxuries, these are basics, basics of the American dream.

Everyone in this Chamber can agree that America isn't strong without a vibrant middle class, and, frankly, it is outrageous that we have allowed this situation to go on where the only way to do the right thing, to get the skills needed to get ahead, is to put yourself in such jeopardy with student loan debt. We can do better than that.

I strongly urge my colleagues to join us in helping millions of American workers to manage their student loan debt more effectively, saving thousands--tens of thousands--of dollars in interest payments. We can help right now.

This is something where we could jump-start the economy, as the Federal Reserve Chairman said--jump-start the economy right now by passing this bill and being able to lower the cost of student loans.

It is now my great pleasure to turn to a champion not only on this issue but on the broader question of making sure that every American has a fair shot to make it so that we have a strong middle class in this country.

I yield 5 minutes to the distinguished Senator from Wisconsin, Ms. Baldwin.

Mr. President, it is now my great pleasure to yield to the distinguished Senator from New Hampshire. I have to say that Senator Shaheen's voice has been strong and clear. She has been one of our strongest advocates as far as what we need to do on student loan debt and also making sure middle-class families have a shot to get ahead. We are very pleased to have the Senator from New Hampshire, and I yield 5 minutes.

Mr. President, I will yield 5 minutes to the distinguished Senator from Minnesota, and as one of the lead sponsors of this bill, I thank Senator Franken for his passion and fight not only for people in Minnesota but for the 25 million people across the country who will benefit from the opportunity to be able to afford to go to college.

Mr. President, I yield to the distinguished Senator from New York, who not only is a leader on this issue and so many other issues but is the author of a major tax credit in our Tax Code that allows middle-class families to be able to get help for college. There is not a bigger champion for middle-class families than the senior Senator from New York.

Mr. President, I thank my friend from New York, who has been so passionate on the broad question of how do we have a fair shot as Americans to get ahead and particularly as it relates to affordability and college loan debt.

We are so pleased to have another champion with us from the great State of Maryland. I yield now to Senator Cardin from Maryland.

Mr. President, I thank the Senator.

Let me stress what I think Senator Cardin said so eloquently. We have the opportunity to vote today on a fair shot for everybody to go to college, so we will ask our colleagues to join us. The rules of the Senate are such that even though we have a majority--because our caucus is all supporting this effort we have a majority to get this done--if there is an objection, we go into filibuster mode, which takes a supermajority. It is the way the rules are. We know we have a majority to pass this bill. If our colleagues don't want to vote for it, that is fine, but what we ought to be doing is having the vote.

If somebody wants to stand and say this is not important, it is not a priority to make sure everyone has a fair shot to be able to go to college and not be buried in student loan debt, if they want to say they would rather protect those we are asking to help chip in to pay for this, which are millionaires and billionaires who aren't paying their fair share in taxes right now as middle-class families are asked to do--we are paying for this refinancing by closing a loophole that, as Warren Buffett said, shouldn't be there when he as a billionaire has a lower tax rate than his secretary. So we are saying join us to close that loophole. Take those dollars and help 25 million people--25 million people--be able to cut thousands of dollars off of their payments. For me, I am laser focused on the 1 million people in Michigan this would help.

Let me share a few of those stories. Nathan Collison and his wife live in Saginaw. They are young professionals. They have a combined student loan debt of $185,000. They have a 3-year-old little girl. I will never forget Nathan saying to me: When she is ready to go to college, I am still going to be paying off our student loan debt, and I can't afford to put money aside for my little girl to be able to go to college. That is not right. He and his wife both work and right now they are talking about $600 a month on student loan debts. As Nathan pointed out to me, that is a house payment. That is a good house in Saginaw at $600 a month. Yet it is only a fraction of the interest on Nathan's loans, which means his debt is going to keep growing and growing and growing. Just to make his debt stop growing, he would have to be paying $2,200 a month. So if he was going to be paying the full amount and not deferring part of it, it would be $2,200 a month, which is a very nice house in Michigan. He would like the ability to do more than just have a nice house. Nathan and his wife would like to put money aside for their little girl to be able to go to college and to be able to invest in their future.

So this legislation wouldn't automatically make Nathan's debt go away, but it would make it a whole lot easier. If we look at $185,000 over a 20-year period, we are talking about tens of thousands--$100,000 in savings.

So this is very much about having a vote today, the opportunity to vote. Our colleagues don't have to vote yes. They don't have to vote yes. We are confident we have enough votes to pass this. We just need to get through the procedural hurdle, the objections that trigger a filibuster. That is all we are asking for. I think the 1 million families and the 1 million people in Michigan and their families, the 25 million people across the country who are buried in student loan debt deserve a vote. They deserve a vote today.

We also talk about a young woman from Lambertville, MI. She went to my alma mater, Michigan State University. She graduated in 2008 and was on the Dean's list.

Of course, 2008 was a disastrous year for the economy, nationally and certainly in Michigan, as we saw what happened to auto manufacturing. It was especially brutal for young people looking for work.

Even though she graduated among the top in her class, it ended up taking her 4 years to find a job in her field. Today she is only making slightly more than minimum wage and trying to figure out how in the world she is going to pay off her student loan debt, let alone proceed with her dreams for the future.

Last week I heard from a young man who was originally from Union City, MI. He was working in North Carolina when his father was diagnosed with a terminal illness--brain cancer. He came home--as I'm sure his family appreciated--to help care for his father. He was showing the right kind of family values to come home and help care for his dad.

During the recession he lost his job in Michigan and was out of work for 2 years, which is why he ended up in North Carolina and ended up in a low-wage job with no benefits. Now he is back trying to figure out how he can help take care of his dad, figure out a job, and not be totally buried in the debt that he already has.

His debt has been turned over to a collection agency and, counting the fees, he now owes $90,000 and counting. He tried to do the right thing not only by going to college but for his family.

I think about how things have changed over the years--the kind of support we used to give. One of the great American strengths has been creating opportunity for people to be successful. A lot of that opportunity has been in relation to going to college and getting an education.

I remember growing up in Clare. When I was going to high school my dad was very ill. We didn't have any money for me to go to school. I worked very hard. I was at the top of my small class of 93 people, and I was in a position to get a tuition and fee scholarship that allowed me to go to college.

Somebody somewhere thought at that time it was important for some redheaded freckle-faced kid they did not know had a shot to make it. That has been what is best about America. Now we have tried. We have increased Pell grants, but certainly they need to be increased much more.

We have focused on other areas, and we certainly need to do more. What we have seen over time is that more of what students have had to do is take student loans. There have been less opportunities for scholarships and less opportunities for grants.

I am very sorry to say my home State has cut K-12 and higher education. On higher education--and more

than in most States--it is in the top ten in student-loan debt and certainly not something I am proud to see happen in my home State of Michigan because of what I think have been upside-down values.

What we have seen over time is that as the economy is changing, we are telling people who are going back to school who lost their job: You need to go back and get the education, the tools, and the skills for the jobs that are available in today's economy.

We have new opportunities and a new economy, but it means we have to have new skills. We have to have an education, so students are doing that. They are doing the right thing. They are doing what they have been told to do. Then they turn around and their only option is loans.

They take a look at the fact that somehow student loans are treated differently than student loan debt. You cannot get the lowest interest rates and refinance if you are in the unfortunate situation of going into bankruptcy and can't discharge those loans in bankruptcy such as you can other kinds of debt.

I don't understand how we got into a place where somehow student loan debt is with you forever and ever. We don't have the same ability to allow people to manage that debt as they do other kinds of debt. But that is where we are in this country. There are cuts at the State level and tuition goes up.

We then see a situation where more and more people have to turn to student loans.

We can do something about that today. There is a lot we can do. I support doing all that will allow us to get us back to right-size the situation in terms of our values and supporting opportunity for education in our country.

One thing we can do right now is to have a vote on this bill. We could immediately see change happen. Put more money back into the pockets of folks across our great country who have been doing the right thing and want a fair shot to make it and the opportunity to have some kind of help as they are paying off their student loans.

I am so pleased to see our leader and the main author of this legislation join us on the floor. She understands, as we all do, and is someone that has been dedicated to education and higher education her whole life, advocating for an opportunity for people to be successful and have a fair shot.

It is my pleasure at this point to turn to the distinguished Senator, the senior Senator from Massachusetts, and support her request as she moves forward this afternoon.

I yield for the Senator.

Out of respect to my colleague, I realize we are going into the next hour that is controlled by the Republicans. But I did want to take 1 minute to wrap up, if that is acceptable to my colleague.

I just wanted to go on record to say there are thousands of excuses always on everything for reasons not to do things. We are talking about a very specific bill, a very specific vote that would put money in the pockets of 25 million Americans. We could do that right now. People can have lots of reasons. It reminds me a lot of hearing that my kids have hundreds of excuses about why they cannot do something, whether it is because of somebody else or this, that, and the other.

I think the American people just want us to get stuff done. We want to get things done. The motion that Senator Warren put forward is about getting things done. A vast majority--58 Senators--has already said yes, they want to move forward. Yes, they will vote yes. We need to get this piece done to help 25 million people and then move on and work with each other across the aisle to do other work.

I greatly regret the objection and indicate that we will be back and back and back until we get the American people the relief they need.

I yield the floor.

Mr. President, I ask to speak as if in morning business.

Mr. President, it is truly a great honor to stand with my colleague from Kansas as we are on the cusp of actually passing legislation that has consequences for a lot of our American citizens and especially our Native American citizens. I will tell you as someone who represents Indian Country in my State, this is the number one priority for our tribes.

It is interesting because a lot of people would look at this and say: Why this issue? I think it goes to the heart of Native American sovereignty. What has been happening, as it relates to 1099s and the potential of taxing services provided by tribal governments, basically begs the question: Do we really understand or do we really appreciate that these are sovereign governments--the same way the States are sovereign and the same way the counties and cities would be sovereign?

I think in many ways it has very real economic consequences, but a great value in this legislation is in the symbolic consequences of having this body recognize the importance of recognizing these treaty rights, recognizing the value of treaties and trust responsibilities. As a former attorney general and as a lawyer, I view treaty rights and trust responsibilities like a contract between the United States and our Native American tribes. As a U.S. citizen, I view these treaties as sacred obligations.

We have not done a good enough job living up to our commitments to tribal nations. As a consequence tribal governments have been forced to supplement services that the Federal Government promised to provide. Yet for years the IRS has audited Indian tribes for providing health care, education or housing assistance for those in need.

Here are just some of the stories I have heard from Native Americans in North Dakota and across the country. I have heard about the IRS wanting the tribes to issue 1099s--basically saying you have something of taxable value--to tribal elders who received blankets as honoraria for performing traditional ceremonies.

I heard about the IRS questioning a tribal government's provision providing backpacks and school supplies to elementary school children as a taxable benefit to the families of the children.

I have heard about the IRS imposing a tax on the value of a handicap ramp--a value of $2,000--erected by the tribal government to help a tribal elder access her home.

The stories go on. The status quo isn't fair and it isn't right. This practice certainly does not fully respect that tribes are governments. That is why I joined with Senator Moran to introduce the bipartisan Tribal General Welfare Exclusion Act last year.

The bill would fully recognize that Indian tribes, as sovereign nations, are responsible for making certain government programs and services best fit the needs of their citizens. Just as State and local governments are determined to decide what is in the best interest of their citizens, such as scholarships, elder or child care or housing assistance, we have to recognize that tribal governments have the right to make those decisions without tax consequences.

With this bill, we are supporting tribal self-determination and taking a step towards living up to our trust and treaty obligations. Indian tribes and their members should not be subject to heightened IRS scrutiny.

I think Senator Moran outlined that issue so well because some people may see that what we are doing here is carving out an exception, creating an extra benefit for tribal members that is not enjoyed by the entire citizenry of this country.

Nothing could be further than the truth. In fact, we are leveling the playing field. The Tribal General Welfare Exclusion Act will bring parity in the tax treatment of Indian governments. It will recognize the unique relationship with tribal governments that they have with their citizens and allow them the opportunity to craft programs which best fit their community need.

I want to take a moment and suggest to all of you that if you spent time in Indian Country and if you have looked at the benefits that tribal governments provide and you think about the resources of the IRS and where you might go to actually collect dollars that would enhance revenue, the last place you should look in this country is in Indian Country.

I would like to address a few other really important reasons why this bill is so critical. The IRS recently issued helpful guidance, and we are very appreciative of that work. With that being said, we also must make sure that parity provided by that guidance is in statutory language. That way, we weighed in. There is certainty that no one can do a look-back and no one can change it without that change coming to this body and coming to the House of Representatives and being enacted into law.

In addition, the Tribal General Welfare Exclusion Act includes two items that are critical to the advancement of a better relationship between tribal governments and the Federal Government.

First as a training requirement, we must make sure that IRS field agents are well versed in Federal Indian law and unique treaty and trust relationships that the Federal Government has with their tribes.

Second, as the training is taking place, our bill also suspends all audits of examination of tribal governments for one year to allow this education to take place.

It isn't rare for Congress to pass legislation that supports guidance issued by the Federal agencies to give more weight to the issues and make sure that there is no potential misinterpretation.

That is what we are doing this week with the help of a lot of our colleagues who believe in this legislation as well. We want to supplement the IRS guidance to expand rather than restrict the safe harbor provisions.

When I joined the Senate, I promised to be a partner--to honor and respect the sovereign rights of Native Americans just as I always have. This bill is a step in the right direction. I fully anticipate that as we move forward this week, we will, in fact, enact this legislation. I fully anticipate that we will

send the right message to tribal governments that we see you the way you are.

You are a sovereign government entitled to make the decisions that you need to make to the benefit of your citizens without undue and irrational interference from the IRS.

I think the bipartisan nature of this bill is a tribute to my friend from Kansas who understands completely what we are attempting to do. It is one of those rare moments that I have had since I have been in the Senate, where you see a good bill being debated--a good bill being discussed--and then having an opportunity to actually do the right thing. I thank my friend from Kansas for the opportunity to join with him as a cosponsor of this legislation.

It is critically important that this message get sent and that we have an opportunity in the future to continue to work with tribal governments to act in the best interests of tribal citizens and provide the services that are essential for a growing population of Native American citizens but also of a population that lives in a great deal of poverty.

I thank my friend from Kansas. I look forward to seeing this bill signed into law--which I think will happen. I think that the stars are aligning. It will be a great day and a very important step in securing a better relationship of all governments with the Native American people.

I yield the floor. I suggest the absence of a quorum.

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.

Mr. President, I ask to speak as in morning business.

Mr. President, I thank the Chair for the opportunity to speak this afternoon. I am also pleased to see on the floor my colleague from North Dakota, Senator Heitkamp. She and I have a legislative interest in a matter now pending before the House of Representatives, and it is at least my desire to see the Senate utilize this opportunity of a bill passing the House to also be considered by the Senate and hopefully be approved. While it has been a challenge throughout this year and throughout this session to get legislation to the floor and voted on, I would not want us to pass up the chance for this legislation to be approved and sent to the President for signature.

The legislation we are speaking about is the Tribal General Welfare Exclusion Act. The House of Representatives, as I said, is considering H.R. 3043 this week. This is legislation I am absolutely certain will enhance the economic opportunities and the quality of life for our Native Americans in this country.

The Constitution states that a core responsibility of the Federal Government is to promote the general welfare of the people. The Federal Government has a trust responsibility to protect tribal interests. These two objectives come together in this legislation. It certainly would be an understatement to say that the Federal Government over the years has fulfilled its trust responsibility. We know that to not be the case.

In an effort to fill that void, tribal governments have taken actions to meet their tribal members' needs with initiatives such as cultural programs and education and social services and health care.

Unfortunately, over a period of time, those benefits have been treated as income and those benefits have been subject to the Internal Revenue Service Code.

We need to make certain we don't add to the burden that tribes too often have encountered from the Federal Government and that these benefits would not be subject to income taxes and these benefits and the tribes will not be subject to IRS audits because of them.

The Tribal General Welfare Exclusion Act extends to Native Americans the same tax privileges that are provided by our States; namely, that the value of government services provided by the tribes to their members, just like the services provided by a State to its citizens, would be excluded for tax purposes. Federal and State governments have enjoyed the privilege of having such services as education, social welfare, health care programs, housing, as well as cultural programs exempt from that taxation. Native Americans have not been as fortunate.

The House is close to correcting this problem, and it is my plea and hope that the Senate will follow suit this week. The IRS recently issued a notice that establishes the tribal gender welfare exclusion. It is a matter of treasury policy, and this is appreciated. It is a step in the right direction, but we want to make certain that this policy is extended and codified.

The general welfare issue should be put into law to protect against future policy changes, and among other provisions this legislation establishes a tribal advisory committee within the Department of the Treasury to advise the Secretary on Indian tax policy and also declares that any ambiguities of the act will be resolved in favor of tribal governments. It directs the IRS field agents to be educated and trained in matters of Federal Indian law and government trust responsibilities.

This is a reasonable commonsense, constitutional piece of legislation. It fosters fairness within our Tax Code and promotes better understanding of the Federal Government's trust relationships.

Four years ago similar exclusion rules for Native Americans' health benefits were passed. We have before us now the opportunity to clarify the exclusion as it should be. This legislation makes a lot of sense. It adheres to the Constitution which recognizes tribes as sovereign nations with the authority to provide for their peoples. This has been affirmed many times by Congress in the past. It is clearly part of our U.S. Constitution.

The economic benefits are obvious. Our tribal territories, reservations, our Native Americans need not be worrying about the onerous IRS audits and should not be paying taxes when no one else is required to pay taxes on similar benefits.

This legislation is revenue neutral, something that is very pleasing. The Joint Committee on Taxation has deemed any impact on the revenue of our Federal Government to be negligible.

As a person who cares a lot about the fiscal condition of our country, we ought to be reducing our deficit and boosting our economy. This piece of legislation does not increase the deficit, and it does boost the economy, particularly of tribes across the Nation. Here in the Senate, Senator Heitkamp and I introduced S. 1507. It is a companion bill to the one the House is considering. This piece of legislation has broad bipartisan support, and more

than 20 Senators from Alaska to Georgia have joined us in this effort.

I am grateful for the members of the Finance Committee and the Indian Affairs Committee who lent their support to this legislation. I am not a member of either one of those committees, but there are four tribes in Kansas and I have an interest in their well-being as well as that of all Native Americans.

Native Americans are not seeking to play here by different rules. In fact, it is quite the opposite. They simply want to enjoy the same benefits accorded any other government in our country. They emphasize to me the principle of tribal sovereignty and self-government. This legislation reinforces those principles.

More than 40 tribes in 24 states, nearly a dozen Indian organizations and a number of regional tribal organizations representing tens of thousands of Native Americans supported this legislation. It is not just Native Americans. In fact, the U.S. Chamber of Commerce has recognized this legislation as one that will foster economic development and supports its passage.

As we are preparing to depart Washington, DC, and take time away from the Nation's Capital, it would be a terrible mistake on our part and a missed opportunity if we don't take advantage of House action this week while the Senate is here in session this week to see that this legislation is approved.

My hope is that this could be accomplished by unanimous consent, and I know Senator Heitkamp and others and I have been talking to members of the committees as well as the leadership of the Senate to see that we accomplish this.

It is a wrong that can be righted. It is a wrong that should be righted quickly and not at a later date. This certainly is one of those pieces of legislation that is a win-win for all.

If we see the House pass the Tribal General Welfare Exclusion Act, I urge my colleagues to join with me, Senator Heitkamp, and Republican and Democrat Senators who are supportive of this legislation, to see that this legislation arrives on the President's desk in the most expedient manner possible.

I yield the floor.

Mr. President, I wish to commend all of the incredible work that the Senator from Michigan has done on the ``fair shot'' agenda, how she really has been out there working hard for families across this country. For middle-class families, for working families, for people who are just trying to get a fair shot, and on education she has been a tremendous leader. It has been a real privilege to have this opportunity to work with the Senator from Michigan. I know the Senator from Michigan and I are going to keep working on this set of issues.

I rise today to urge my colleagues to allow a debate and vote on the Bank on Students Emergency Loan Refinancing Act. Some 40 million Americans are dealing with student loan debt, and many of them are drowning in it.

A quarter of all Federal student loan borrowers are behind on their payments. Student loan debt is dragging down our young people, and it is dragging down the economy. It is keeping borrowers from buying homes, moving out on their own, buying cars and opening small businesses.

In June the Senate voted on a proposal to allow borrowers to refinance their existing student loans down to the interest rates offered to new borrowers. These are the same rates that nearly every Republican in the House and the Senate voted just last summer to offer to new borrowers. This refinancing bill would not add a single dime to the deficit. It is fully paid for by closing the tax loophole that right now lets millionaires and billionaires pay less in taxes than middle-class families. The vote on our student loan refinancing proposal asks Senators to make a simple choice: protect billionaires from paying their fair share of taxes or protect student loan borrowers who work hard to get an education and are struggling to stay afloat; protect the billionaires who have already made it big or help young people who are still trying to build a future.

A majority of the Senate, including every Democrat, every Independent, and three Republicans sided with students in support of moving forward on this bill, but the rest of the Republicans blocked it. We heard a lot of excuses from those that oppose the bill.

Some Republicans suggested that the benefit for our young people on this bill is small. I disagree. Putting billions of dollars in Federal student loan profits back into the pockets of Americans who worked hard to get an education is not small. Saving millions of Americans hundreds or thousands of dollars a year in excessive student-loan interest payments is not small. If the Republicans think the benefit is too small, then work with us to offer amendments to this bill and give students a bigger break but don't refuse to even debate the bill.

Some Republicans suggested that the $1.2 trillion in outstanding debt just isn't a big deal, that we should focus on rising college costs instead. Yes, the rising cost of college is a terrible problem but so are the outstanding loans at 6 percent, 8 percent, 10 percent, 12 percent, and even higher. We need to fix both problems and not play rope-a-dope politics and say we can't fix this because we haven't fixed that yet.

Millions of young people are just stuck. They can't buy homes, they can't buy cars, they can't save for retirement, they can't do the things that would help this economy grow--all because they are struggling under the weight of student loan debt.

If Senators think we should do more than just refinancing, more to improve college accountability and to reduce the future costs for students, then work with us to offer amendments, but don't refuse to even debate the bill.

Some Republicans don't like that this proposal is paid for by closing tax loopholes. If Senators don't like that, if they have other ideas, then they should offer amendments. But don't refuse to even debate this bill.

Some Republicans even suggested that Democrats don't want this bill to pass. That is just plain ridiculous. Only in Washington can you vote against something, and then when it doesn't pass, you blame the people who voted for it.

These excuses don't fool anyone. They don't fool the hundreds of thousands of people who have signed petitions, attended rallies, and called their Senators asking for a vote on this bill.

This is not complicated. Senators can make a choice. It is a choice that raises a fundamental question of who this place works for. Does it work for those who can hire armies of lawyers and lobbyists who want to protect loopholes in the Tax Code to get more advantages for millionaires and billionaires? Does it work for the big banks with their armies of lobbyists who just want to maximize student loan profits? Does it work for young people who worked hard, who played by the rules, who got an education, and who are trying to build a future for themselves and their families?

We are just a few votes away from breaking the Republican filibuster and moving forward to debate this bill. I urge my Republican colleagues to allow a vote and to let us debate and pass this bill.

Unanimous Consent Request--S. 2432

I ask unanimous consent the Senate proceed to the immediate consideration of Calendar No. 409, S. 2432, the Bank on Students Emergency Loan Refinancing Act, and the Senate immediately proceed to vote on passage of the bill, with no intervening action or debate.

Mr. President, reserving the right to object, I thank the Senator from Texas for his remarks. As I stated previously, there are 58 Senators who have supported moving forward to debate this bill. But it has not passed the Senate because of a Republican filibuster. I welcome Republican ideas to address the exploding student debt crisis. For months Senator Stabenow, others, and I have reached out to our colleagues to put ideas forward so that we could have a real debate. But allowing an unlimited number of amendments on any topic forever is not a reasonable way forward on a student loan debt refinancing bill.

We face a student debt crisis now. We need to act on it now. If my colleague from Texas is not willing to provide a reasonable path forward to debate, improve, and vote on this bill, then I object to his request and ask that he agree to my original request that we take up and pass this piece of legislation.

Mr. President, what is dysfunctional is a Republican filibuster of a bill on which 58 Senators want to move forward and debate. Allowing an unlimited number of amendments on any topic, going on forever, is not a reasonable way forward. We want to be able to debate the student loan refinancing bill. We want to be able to do it now. Young people are struggling and are counting on us.

It is a delight to join Senator Stabenow on the floor to talk about this critical issue that is a growing crisis here at home in America and threatens Americans' economic strength and competitiveness.

As you have heard, today there is a debt crisis in America. Student loan debt is more than $1.2 trillion, and that is holding back an entire generation and creating a drag on our economy. It is a crisis that demands action from Washington.

Once again, Congress is failing the American people by refusing to work together to confront it. In June the Senate took a vote on the Bank on Students Emergency Loan Refinancing Act, which I am proud to cosponsor. While it received majority support in this body, a minority of Republicans obstructed the bill and prevented it from moving forward.

The choice was clear, and opponents addressing the student debt crisis chose to protect tax loopholes for millionaires and billionaires instead of helping give students a fair shot at getting ahead and providing relief to middle-class families struggling with student loan debt.

I believe every student in America deserves a fair shot at an affordable education, and I believe college education should be a path to the middle class and not a path to indebtedness.

Nearly 40 million students and graduates in America have outstanding student loans. The total amount of student debt in the United States has tripled in the past decade. According to new data from the Federal Reserve, student loan debt grew by $31 billion from January to March of this year. In my home State of Wisconsin, almost 70 percent of the students graduating from 4-year institutions will have student loan debt and the average debt amount will be $28,000. That is real money. That is real money that isn't going toward buying a car or a first home. It is real money that isn't going into growing our economy at a time when we so desperately need economic growth.

To help give Americans a fair shot at getting out from under that burden of student loan debt, we should let borrowers refinance at today's lower rates. That is why we are pushing for a vote on the Bank on Students Emergency Loan Refinancing Act. This legislation will allow those with outstanding student loan debt to refinance. It is pretty simple: It is paid for through the Buffett rule by making millionaires and billionaires pay their fair share of taxes to give our students a fair shot at a bright future, and it will help strengthen the economic security of the American families who are struggling with this debt.

The Department of Education estimates that 25 million borrowers in the United States could benefit from refinancing under this legislation, including just over half a million Wisconsinites.

I have traveled the State of Wisconsin and listened to students and graduates who are struggling with student loan debt. They shared their concerns and the burdens that the cost of a higher education puts on them and their families. They asked me to bring their stories and their messages to Washington, DC.

One graduate student said she lives with her fiance's parents to save money. Another said her husband borrowed against his 401(k) so that the couple could afford daycare for their children while she attends school. Another woman said she owes about $27,000 in loans. When she tried to buy a $6,500 car, she needed her grandfather to cosign because she would not have been able to get the loan on her own. I heard from a woman in Green Bay, WI, who is strapped with $600-a-month payments for her student loans.

The failure of Washington to hear these voices and take action is holding them back, and it is holding back our economy. This money isn't going to support small local businesses that are working so hard to move our economy forward. That is why we should seize this opportunity today to pass the Bank on Students Emergency Loan Refinancing Act. By allowing student loan borrowers to transfer their loans into the Federal program and by closing costly tax loopholes for billionaires and millionaires, we are solving a major economic crisis in a meaningful and effective way. It is the least we can do to address the student loan debt crisis, but it is not all we can do.

Last week I had the opportunity to introduce two bills to help address the larger issue of student debt and college affordability. My legislation targets working students and students enrolled in career and technology education programs. My Working Student Act will allow students who must work while in college to complete their degrees more quickly and with less debt. The new legislation increases the amount working students can earn without that income counting against them in accessing need-based Federal financial aid, including Pell grants.

In addition, some career and technical education students cannot access Federal student aid to help them advance their careers, and that is why I have introduced the Career and Technical Education Opportunity Act. This legislation simply allows CTE students enrolled in short-term programs that lead to industry-recognized credentials to also qualify for Federal student aid. CTE is one of the most effective vehicles to respond quickly to labor market changes and workforce readiness needs of business and industry.

My legislation will help ensure that Federal investments are supporting ``ready-to-work'' education.

One thing is clear: There is a lot more we can do in Washington to give a much needed break to people struggling to build a stronger future for themselves, their families, and for America. I am pleased that in a short while Senator Warren will call for a vote on this important matter. We have a chance today to make a powerful difference in the lives of millions of students and graduates. Let's do so.

I yield back my time.