Congressman Flood: President Biden’s Student Loan Bailout #1 Driver of Federal Deficit Growth

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. 

Video of the speech can be found by clicking here. News outlets are welcome to use the footage for their reporting purposes. The full text of the message is below.

Mr. Speaker, I rise today to address the growing impact of President Biden’s student loan bailouts on our federal deficit.

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.

Let’s be clear: canceling student debt is not free.

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.

And it’s only getting worse, interest payments on our national debt have nearly doubled in the last few years, crossing 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.

Thank you Mr. Speaker, and I yield back.