Brilliant Mr. Bush, truly. Well done. See Thinkprogress
for the rest of the story:
Bush was stumped during the Q&A session of his speech today by a sophomore at Kansas State:
Q: [snip] Recently 12.7 billion dollars was cut from education. I was just wondering how is that supposed to help our futures?
Bush: Actually, I think what we did was reform the student loan program. We are not cutting money out of it.
On Dec. 21, 2005, the Senate passed $12.7 billion in cuts to education programs — “the largest cut in student college loan programs in history.” [snip] The bill also fixed the interest rate on student loans at 6.8 percent, “even if commercial rates are lower.” [snip]
Pell Grants have been frozen or cut since 2002; they are now stuck at a maximum of $4,050. [snip]