Madam President, as you and I have discussed just as recently as today, the cost of a college education is an increasingly important challenge to middle-class families across Minnesota, Indiana, and the rest of our country. Unfortunately, it is a challenge that too many families today cannot meet, but it is an important one that we equip them to meet.

For example, 80 percent of the new jobs that will be created over the next decade are estimated to require some level of higher education. The estimates also show us that a college graduate can expect to make fully 75 percent more than someone with only a high school diploma. Yet the escalating cost of a college degree is putting it beyond the ability of middle-class families to afford.

Just as an example, over the past 4 years alone the cost of a private college education has gone up 28 percent. Over that same period of time, the cost of a 4-year public university has gone up 55 percent. Regrettably, this will, the estimates show, lead 4.4 million qualified students across our country to give up their dream of pursuing a college education. That is simply not right, and we need to do something about it. Today, we have that opportunity.

If we don't act, the college tuition deduction currently in place will expire at the end of next year, making matters even worse than they are today. We can't let that happen. We must act now. Congress acted so late last year to extend the college deduction another year that the IRS was unable to include it on this year's tax forms, meaning that possibly tens of thousands of American families and students who qualified for the credit will get out their tax form, not see it there, and not get the relief to which they are entitled. We have to do better than that, and under our amendment we will.

Our amendment will make permanent the $4,000 deduction for college tuition and fees, and it is flexible, applying to both undergraduates, 4-year institutions, as well as 2-year institutions. It is squarely targeted at the middle class. Individuals making up to $65,000 a year and families making up to $130,000 a year will qualify for the full $4,000 deduction. Individuals making up to $80,000 a year and families making up to $160,000 a year will qualify for up to $2,000 in assistance.

It is also fully paid for. It will cost $5.6 billion over the next 5 years, but it is offset by a variety of provisions to close the tax gap included in the President's budget. So it meets a pressing national need facing our middle class, but it does so in a way that is fiscally responsible.

In conclusion, at a time when too many of our middle class are asking who in Washington speaks for them, at a time when they realize full well that the wealthy can take care of themselves and that we have many programs targeted to the less fortunate but nothing really targeted for the middle class, this effort squarely meets a major challenge confronting middle-class families and says to them that we speak for their concerns as well. At a time when too many of our citizens are saying that Washington is irrelevant, that there is too much political fighting and partisanship and procedural bickering, and all that kind of stuff, this is something that speaks directly to one of their major concerns, and it is about time we did something about it. Today, we have that opportunity.

I thank all those who have helped bring us to this moment. One of our colleagues, Senator Schumer, has been a relentless champion of making college more affordable for middle-class families for many years now. We wouldn't be here without his leadership. I thank also Senator Snowe, who is the principal cosponsor of this legislation, and I know full well of your personal concern about this as well, Madam President.

So Democrats and Republicans alike, this is something we can work on together, make the government relevant, help the middle class, and do it in a fiscally responsible way. I urge its adoption.

Madam President, I yield the floor.