Biden Cancels Millions of Student Loans; Rep. Greene Swatted in Political Attack | CLIP

Hello and welcome to the Capital Report on NTD Television. I'm Steve Lance. President Biden announces he's canceling $10,000 in student debt for most borrowers, yet it comes amid soaring inflation and criticism that it's a move towards socialism. NTD's Iris Tao has more. It's about giving people a fair shot. Fulfilling one of his campaign promises, We will forgive $10,000 in outstanding federal student loans. That's for Americans making less than $125,000 a year. And low-income students who qualify for Pell Grants will have their debt reduced $20,000. About 43 million Americans have student debt and the federal student aid website crashes as many look for information after the Wednesday announcement. The plan, meanwhile, is estimated to cost about $300 billion of taxpayer money. And Biden says it's good for the economy. All this means people can start finally crawl out from under that mountain of debt to finally think about buying a home or starting a family or starting a business. And by the way, when this happens, the whole economy is better off. And while progressives and liberals have urged Biden to go further and cancelled an even larger share of student debt, moderates and Republicans have questioned the fairness of such widespread forgiveness and the administration's motivation in pushing for it. In a Wednesday statement, Senate Minority Leader Mitch McConnell says, quote, Biden student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt. And while Biden claims there's plenty of deficit reduction to pay for the programs, some economists disagree. All the deficit reductions can be wiped out. At the same time, we're probably going to do more to increase inflation from debt cancellation than any inflation reduction from from the Inflation Reduction Act. Reporting Washington, D.C., Iris Tao, NTD News. Congresswoman Virginia Fox represents North Carolina's fifth district. She sits on the House Education Committee, and we're happy to have her here with us to discuss. Congresswoman Virginia Fox, thank you so much for joining us. Glad to be with you, Steve. Thanks for inviting me. Congresswoman President Biden is wiping away at least $10,000 in student debt for millions of Americans, which is expected to cost over $100 billion in taxes for the American taxpayer, many of whom did not go to university. What do you make of this move? Well, it's very irresponsible on the part of the president. Eighty-seven percent of the American people, of taxpayers, do not have debt. The Democrats are trying to buy votes by doing this this fall. They've put off and put off and put off having people continue to pay the debt they legally owe, and it is irresponsible on their part to be transferring wealth from people who never had a chance to go to college or who paid back their loans on their own to people who are in the top 60 percent of earners in the country. It is just wrong. And you said it's going to cost $100 billion. We've seen estimates that it could cost up to $600 billion. That would more than wipe out any kind of gain that might come from any bill that they claim that would cut inflation. Congresswoman, I want to get your thoughts on this. I mean, does this possibly raise the question as to why American education is so expensive in the first place? It not only raises the question, it puts it full center. What Republicans have been attempting to do, and we have a plan to do it, is to work on reducing the cost of post-secondary education. As long as the federal government will continue to subsidize and to pay off the debt of people who should be paying their own debt, then there's absolutely no incentive for colleges and universities to lower their cost. So this is bad policy in every possible way. It's a wealth transfer. It negates people who do the right things for the right reasons. It punishes people who paid off their debts. It tells the people who went to work and are doing a great job of paying their taxes that they're not as worthy as the people who took time off, went to college, perhaps didn't even do very well, but at least used the money of other taxpayers to afford a good lifestyle. It's just wrong every way that you turn. Congresswoman, before I let you go, I just wanted to ask you, you touched upon this earlier. How much of this do you think is politically motivated heading into the midterms? Well, President Biden ran with a campaign promise that he would cancel at least $10,000 worth of debt. So you don't have to look much farther than that, that it was a campaign promise. So that's a political issue. They're not doing well in the polls. We stand to gain the House, the Republicans do, this fall. And I think they're grasping at straws to find ways to appeal to their privileged class of people who basically vote for Democrats now to get them to vote for them this fall. And I think delaying this until now, pretty close to the election, is certainly a political ploy. North Carolina, Congresswoman Virginia Foxx, thank you. Thank you, Steve. God bless you. First Lady Jill Biden tests positive for a second round of the CCP virus. The White House announced Wednesday, quote, after testing negative on Tuesday, just now the First Lady has tested positive for COVID-19. This represents a rebound positivity. She will remain in Delaware. The First Lady originally tested positive eight days ago. A White House official said President Biden did test negative for COVID-19 earlier today. D.C.'s congressional delegate Eleanor Norton is asking for $50 million in emergency funding for illegal immigrants being bussed to the nation's capital. Thousands of illegal immigrants processed at the southern border have been bussed from Texas and Arizona to Washington, D.C. The delegate's request for aid came after the Pentagon denied to provide the National Guard to assist with managing the illegal aliens. Norton said in a statement that the funding is needed for humanitarian assistance. The Washington, D.C. public school system, meanwhile, put out a statement saying that children of illegal immigrant parents will be welcome within the system and that there is an enrollment process in place. All members are required to report their financial disclosures. In 2021, reports were due two weeks ago, but 10 members are missing, including Democrat Alexandria Ocasio-Cortez. Her office says she'll disclose the statement soon. While she's pushing the deadline for filing her own financial disclosures, AOC has been a stark critic of other members' finances, and she has repeatedly pushed to ban members from owning stocks. Congressman Scott Perry is suing to block the Justice Department from reviewing his cell phone contents, this after the FBI seized it on August 9th. The agency is in the process of getting a warrant to look at the phone's contents, while Perry claims his phone contains privileged material.