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CBO: Democrats' College #unAffordability Act Costs Billions

The nonpartisan Congressional Budget Office (CBO) found the Democrats’ so-called College Affordability Act will cost more than $330 billion in mandatory funds and nearly $150 billion in discretionary funds in just the first 10 years of the bill’s enactment.
 
Republican Leader of the Education and Labor Committee, Rep. Virginia Foxx (R-NC), said: “The CBO analysis of the Democrats' higher education proposal tells the American people what we already knew. There is nothing affordable about the College Affordability Act. The bill’s serious shortcomings also come with a shocking price tag. Democrats have touted this as a ‘responsible’ approach. Since when did spending nearly $500 billion become responsible? Irresponsible and unworkable are more appropriate descriptions.
 
“This legislation further exacerbates our rising debt, which is growing faster than our economy. Who will pay for this dangerous trend? The American taxpayers, including those who never attend postsecondary education and current and future students.
 
“Our nation’s students deserve solutions that don’t recklessly spend taxpayer dollars or rob them of a fair shot at a successful career.”
 
Background:

The Democrats’ proposal to address our broken higher education system falls woefully short of its promises. Specifically, it fails to direct the federal government’s limited resources to students most in need. Money for free college will flow to the sons and daughters of millionaires instead of to those students who need financial assistance. It also directs tens of billions of dollars directly to colleges and away from students, limiting students’ abilities to choose what educational options best suit their needs. Moreover, it fails to hold college programs accountable for poor student outcomes, providing no motivation for institutions to ensure students are successful post-graduation. Most importantly, the bill fails to promote innovative practices to lower the cost of college and would actually provide an incentive for institutions to raise tuition.
 
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