WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House of Representatives passed the Student Aid and Fiscal Responsibility Act:
“Today the House passed the Student Aid and Fiscal Responsibility Act, legislation that accomplishes two key goals: expanding opportunities for higher education, and putting our country on sounder fiscal footing.
“The bill achieves significant savings by ending unnecessary subsidies to banks that service student loans. Much of the money saved is invested in higher Pell Grants for college students: with the maximum scholarship increased to $5,550 in 2010 and $6,900 in 2019, more students will be able to afford the education that is absolutely necessary to compete in the 21st century. Savings are also invested in early learning programs, K-12 school modernization, and stronger community colleges. All of these steps will help America reach President Obama’s goal of producing the most college graduates in the world by 2020, securing our leadership of the global economy.
“Finally, it is essential that tomorrow’s graduates enter adulthood in a country that is fiscally healthy. That is why $10 billion of this bill’s savings go to paying down the national deficit. No single piece of legislation will wipe out the deficit built up by years of irresponsibility under the Bush Administration and the Republican Congress—but, bill by bill, Democrats are proving that they are the party of fiscal responsibility.”