(These are the prepared remarks of Education and Committee Chairman George Miller from today's press conference on the urgent need to include student loan reform as part of the reconciliation.)
Senate Democrats have a very simple choice to make in the next few weeks.
This choice speaks to the true character of our country and of our Congress.
It speaks to what America’s priorities will be for the next generation.
It speaks to fiscal responsibility and fairness.
Here’s the choice. We can continue a student loan program that the Congressional Budget office has documented will waste tens of billions of dollars over the next 10 years on a titanic boondoggle in excess subsidies to some of the nation’s rich and most powerful banks.
Or we can do what President Obama suggested in his budget, and what the Congress voted last year to do in its budget resolution. We can reform the student loan program by taking these wasteful subsides to banks, and redeem the savings for millions of families and students who want a shot at attending college, go to a community college, and attend a school that is crumbling around them.
It is that simple.
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