Largest College Aid Expansion Since The GI Bill In 1944

The College Cost Reduction and Access Act is the single largest investment in college financial assistance since President Roosevelt signed the GI Bill in 1944 to provide education and job training for veterans returning from World War II.

The historic legislation is funded, at no new cost to U.S. taxpayers, by ending excessive federal subsidies to the lending industry.

College costs have grown nearly 40 percent in the last five years-preventing an estimated 200,000 students from going to college each year. This legislation reverses that trend:

	cutting student loan interest rates in half, saving the typical student borrower $4,400 over the life of the loan;
	increasing Pell Grant amounts by $1,090 over five years;
	forgiving loans for graduates who provide 10 years of public service, such as public school teachers or first responders;
	guaranteeing that borrowers will never have to spend more than 15 percent of their yearly discretionary income on loan repayments, and allowing those in economic hardship to have their loans forgiven after 25 years;
	making landmark investments in Historically Black Colleges and universities, Hispanic-serving institutions, and other minority-serving institutions; and
	reducing the federal budget deficit by $750 million by cutting subsidies to the lending industry.

First Increase To The Minimum Wage In A Decade

The first increase to the federal minimum wage in a decade was the first step in a broader American agenda to grow our economy and provide greater opportunity to all Americans, not just the privileged few. The ten year gap in the pay raise was the longest in the history of the law.

The benefits of the pay raise will be felt by nearly 13 million American workers-5.3 million directly and another 7.2 million indirectly as a result of the new wage floor-in addition to more than 6 million children of low wage workers:

	increasing annual pay by $4,400 a year by 2009, with an increase in the minimum wage of $2.10 phased in over three years; and
	raising the minimum wage in 20 states this past July, where state wages are not already higher.

Innovation Agenda Promoting 21st Century Jobs

The America COMPETES Act was signed into law as the first major step in the Innovation Agenda. America's greatest resource to compete in a global economy can be found in classrooms across the country. The COMPETES Act will address the technology gap in our workforce and help turn ideas into innovative technologies to boost our economy and create good-paying American jobs:

	expanding the number of highly qualified math, science, engineering, and technology teachers in schools across the country;
	putting us on a path to doubling funding for basic research at the National Science Foundation, National Institute for Science and Technology and Department of Energy;
	maintaining the American edge in high-performance computing;
	boosting energy research and innovation, creating a new Advanced Research Projects Agency for Energy; and
	making small businesses even bigger players in the technology innovation sector, spurring new manufacturing processes and techniques, and supporting high-risk, high-reward technology development.

Aid To The Gulf Coast Recovering From Hurricanes Katrina And Rita

Before the second anniversary of the nation's most devastating hurricane, the new Democratic majority in the 110th Congress sent the President recovery legislation that was signed into law.

The Gulf Coast aid jumpstarts recovery efforts crippled by FEMA's failures and a lack of government support, that compounded the initial mismanaged government and private contractor response. The aid includes:

	waiving the local matching requirement under the Stafford Act, that governs disaster assistance, saving the region $1.9 billion and allowing work to begin on an estimated 20,000 stalled projects;
	providing $6.4 billion in assistance to help bolster levees, restore the coastline, recruit teachers, keep schools open, maintain health facilities, assist farmers and fishermen, provide housing assistance, assist small businesses, and retain law enforcement and other essential government employees; and
	exercising much-needed Congressional oversight-House Committees have held over 30 hearings on Katrina recovery, including revealing billions of taxpayer dollars lost to contractor waste, fraud, and abuse.

Health Care For 10 Million Children

The State Children's Health Insurance Program (SCHIP) is a bipartisan and cost-effective way to meet the health care needs of children of families struggling to make ends meet.

The President opposed a fair, bipartisan compromise to continue the program and sign up more children. In vetoing the compromise legislation, the President, and his Congressional allies who upheld his veto, opposed the will of the American people, a wide-ranging coalition of doctors and other health care providers, disease advocacy groups, children's advocates, including the March of Dimes and Easter Seals and long-time supporters of SCHIP in both parties.

The health and well-being of 10 million children will be provided for by this Congress. SCHIP legislation will become law:

	protecting coverage for the more than 6 million children already enrolled, and enrolling 4 million more children who are already eligible but lack health coverage now;
	protecting coverage for the more than 6 million children already enrolled, and enrolling 4 million more children who are already eligible but lack health coverage now;
	helping families of 10 million children avoid bankruptcy and foreclosure on their homes under the crushing weight of medical catastrophes; and
	saving taxpayer dollars that are spent now providing the most expensive care possible to uninsured children, in hospital emergency rooms.

"In our first year, we are taking our country in a New Direction worthy of the sacrifice of our troops, the vision of our Founding Fathers, and the aspirations of our children."
- Speaker Nancy Pelosi, November 1, 2007

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