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Washington, DC-- Today Congressman David Wu opposed a Republican budget reconciliation bill that cuts vital services for American families and increase costs to students in pursuit of higher education. Republican leaders claim the cuts are necessary to reduce the deficit, but instead, they are being used to help pay for another $70 billion in tax cuts for the wealthiest Americans, half with incomes over $1 million per year.
As a member of the U.S. House Education and Workforce Committee, Congressman Wu has focused much of his energy on fighting the cuts in federal financial aid. His remarks following today's vote follow below:
"This month marks the 40th Anniversary of the Higher Education Act, but instead of commemorating it by reaffirming our commitment to education and opportunity for all, Congress passed the largest federal college financial aid cuts in our history.
"The Republican authored legislation will cut almost $15 billion in federal college financial aid. Included in these cuts are nearly $8 billion in new charges that will raise the cost of college loans – through new fees and higher interest – for millions of American students and families who borrow to pay for college. For the typical student borrower, already saddled with $17,500 in debt, these new fees and higher interest charges could cost up to $5,800.
"Congress passed this raid on student aid (as well as healthcare and other vital services) in order to provide a $70 billion package of tax cuts for the wealthiest Americans, half with incomes over $1 million per year.
"This raid on student aid breaks the (formerly) bipartisan commitment to education and opportunity for all. It is wrong to cut financial aid for students and families already struggling to pay for college. Financial barriers should not prevent qualified students from going to college, and that is why America has long made the commitment to help families afford higher education.
"Earlier this year, a bipartisan effort found savings and efficiencies to be had in college financial aid. These funds should have been reinvested by boosting Pell Grants and making college loans more accessible, rather than tax breaks for millionaires.
"The administration and Congressional Republicans had this choice to make: provide more tax breaks for a chosen few, or more opportunity for all. Their decision confirmed they are not acting in the best interest of either individual Americans or our collective economic future."
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