×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Skip to main content
Tags: pelosi | studentloans | biden | congress

Rep. Biggs to Newsmax: Pelosi Should Adopt Initial Stance on Student Loans

(Newsmax/"Saturday Agenda")

By    |   Saturday, 27 August 2022 06:36 PM EDT

House Speaker Nancy Pelosi, whose stance on whether President Joe Biden should be able to forgive student loan debt flip-flopped this week, should embrace her initial opinion that he does not have that power and hold congressional hearings on his move, Rep. Andy Biggs said on Newsmax Saturday. 

"It's going to cost a bare minimum $330 billion and, in my estimation and looking at it, probably more than $1 trillion by the time you finish running through this program; and it's going to impact so many people," the Arizona Republican commented on Newsmax's "Saturday Agenda." "This is hugely a disproportionate bailout, and I'm hoping she'll come back. We're pleading with her to do it; we're urging her to do it; and we're demanding that she does it."

Last July, Pelosi said that Biden does not have the power to bail out student loan debt, but now she's saying that "clearly, it seems [Biden] has the authority to do that," the Republican National Committee's research account tweeted with videos from July 2021 and this month.

She also said earlier this month that before, she "didn't know what authority the president had to do this. And now, clearly, it seems, he has the authority to do this $10,000."

Meanwhile, the government is already in a structural deficit every year, and the money lost from student loan collections will be added to the national debt and to that deficit, said Biggs. 

"I've heard some people on the left who want to increase taxes on everybody else to pay for this," said Biggs. "It also means it's going to kick it down the road so that the future generation that is going to be facing the imminent bankruptcy of the United States of America. They're going to have to decide how they're going to pick this up, so this is just another modern monetary theory policy of Joe Biden and the leftist in Congress."

Other experts with the Committee for a Responsible Federal Budget have said that canceling student debt will undermine the benefits of the Inflation Reduction Act, and Biggs said the amounts "don't pencil out even on the back of an envelope."

Even credible economists are saying canceling student loan debt will have immediate inflationary pressure, said Biggs. 

"There's no gimmick in this," he said. "The administration says, well, you know, an 8.5% inflation rate is 0% inflation because it's down half a point. No, it's still 8.5% over last year, so. So you can gimmick this thing all you want; you can say all you want; but Americans are not dummies. They understand this is going to add pressure, too high costs, and devalue the currency, which is what ultimately causes inflation."

Biggs on Saturday also discussed the upcoming retirement of Dr. Anthony Fauci, the chairman of the National Institute of Allergy and Infectious Diseases and the president's chief medical adviser on COVID, and said that his decision to leave won't "get him off the hook."

"The public health bureaucrats are going to be held accountable, and Dr. Fauci needs to be held accountable," said Biggs. "When he announced his position on masks, his position on vaccines, his position on lockdowns, his position on children and schools ... he doesn't care about those other secondary and tertiary impacts. He's just talking about health."

Fauci was also "all over the pike" on masks, including at one point recommending two or three masks at a time, "but he was the guy that influenced the policy that brought the lockdowns and in my opinion, greater harm to the United States and quite frankly, the entire world."

About NEWSMAX TV:

NEWSMAX is the fastest-growing cable news channel in America!

© 2023 Newsmax. All rights reserved.


Newsmax-Tv
House Speaker Nancy Pelosi, whose stance on whether President Joe Biden should be able to forgive student loan debt flip-flopped this week, should embrace her initial opinion and hold congressional hearings on his move, Rep. Andy Biggs said.
pelosi, studentloans, biden, congress
650
2022-36-27
Saturday, 27 August 2022 06:36 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved