Lee Questions Federal Debt Programs During Senate Hearing

Today, Senator Mike Lee (R-UT) issued the following statement after the Joint Economic Committee’s hearing on “The Economic Exposure of Federal Credit Programs.”

“From housing, to student loans, to cruise ships, federal credit programs are now one of the fastest growing parts of the federal government with about $3 trillion in loan exposure outstanding,” Lee said.

“The American taxpayer is ultimately on the hook for every last dime of this debt and yet not only is there no comprehensive plan to manage this portfolio, but there isn’t event a uniform method for analyzing its size or cost,” Lee continued.

“I do have serious doubts about the wisdom of most of these programs, and we must do some basic accounting to determine just how much these programs have left the taxpayers exposed. Chairman Dan Coats (R-IN) deserves all of our thanks for calling this hearing and getting this debate started.” 

You can watch Senator Lee’s opening statement here, and his questioning of the hearing witnesses here.