Pres. Obama Signs Health Care &Education Reconciliation Act, Saving Taxpayers Money & Making Higher
Health Care and Education Reconciliation Act To Send Floridians To College, Make America Leader In Education NEWS FROM THE FLORIDA DEMOCRATIC PARTY
For Immediate Release: March 30, 2010
President Obama Signs Health Care and Education Reconciliation Act, Saving Taxpayers Money and Making Higher Education More Affordable For Floridians
Health Care and Education Reconciliation Act To Send Floridians To College, Make America Leader In Education
Earlier today, President Obama signed the Health Care and Education Reconciliation Act, the largest investment in higher education in history, which will put the country on track to have the highest proportion of college graduates in the world by 2020.
"Today, we thank President Obama for signing the Health Care and Education Reconciliation Act and making the largest single investment in higher education in our country's history. This legislation will help the country sustain a competitive advantage in the global marketplace and ensure every Floridian will have a chance at achieving the American dream," said Florida Democratic Party Chair Karen Thurman.
"This law will not only make college more affordable for the Sunshine State's students, it will also save taxpayers billions of dollars. By switching to direct lending, rather than paying out big subsidies to banks, we can save money while increasing Pell Grants and investing directly in students.
"The Health Care and Education Reconciliation Act is just one of the President's reforms improving the lives of young Floridians. Just last week, President Obama's health reform legislation became law, allowing young people to stay on their parents' insurance until their 26th birthday. President Obama ran for office promising change, and today he continues to deliver on that promise."
The Health Care and Education Reconciliation Act will:
- Eliminate wasteful subsidies to private bankers by switching to a system of direct lending of federal student loans.
- Make historic investments in America's workforce by making college dramatically more affordable - at no cost to taxpayers.
- Invest $36 billion over 10 years to increase the maximum annual Pell Grant scholarship to $5,550 in 2010 and to $5,975 by 2017.
- $68 billion for college affordability and deficit reduction over the next 11 years. The Health Care and Education Reconciliation Act meets Pay-As-You-Go fiscally responsible principles and will reduce the deficit by at least $10 billion over 10 years.