@WhiteHouse Which economy do you want to live with? The one that creates jobs? or the one that doesn't? Even if you aren't looking for work, these facts matter.
@delislealleges Prefer that the law keeps up with times? Sure. But it hasn't & Congress left the authority in the statute that the Department relied on to write the rule. So, Congress left it to ED to do what is necessary. I don't engage often anymore but I respect your thoughts on the matter.
@delislealleges@DFIPolicy Sec Riley acknowledged in his statement that he had the authority to reduce the period and that he wasn't going to exercise the authority to change that at the time. Time moves on, levels of debt have increased, & the our technocratic solutions on debt haven't worked.
@delislealleges The difference is that the systems used to manage repayment have been built on contemporary technologies that are more robust & flexible. FAFSA was older tech that have been pieced together to allow things, i.e. IRS data retrieval, that were never contemplated with bandaids.
@arneduncan You definitely know a great deal about student loans. And a court has made sure that no money has been out. And it won't be money being paid out but a credit being applied to student loan balances. Hard to see how that could be used to gamble, buy booze, or take a vacation.
The deficit fell by $1.4 trillion – the largest one-year drop in American history – under President Biden.
Cut in half.
And, the Administration is going to reduce the deficit by another $250 billion over the next decade.
Under my predecessor, the federal deficit went up every single year.
Yet Congressional Republicans love to call Democratic leaders “big spenders.” Give me a break.