Three Republican senators are moving to overturn President Biden’s “gambit” to have taxpayers forgive around $400 billion in student loans, as the Supreme Court’s conservative majority still weighs a separate ruling on the debt cancellation.
GOP Sens. Bill Cassidy of Louisiana, John Cornyn of Texas and Joni Ernst of Iowa announced Friday that they plan to introduce a resolution to thwart Biden’s plan, which would cancel up to $20,000 in student loan debt per person for tens of millions of borrowers.
“This would block President Biden’s political gambit from driving up inflation, incentivizing universities to raise tuition, and forcing hardworking Texans to pay off the debts of wealthy graduates,” said Cornyn, who sits on the Senate’s Health, Education, Labor and Pensions Committee.
“The Biden administration’s tuition bailout is bad public policy, and it’s unfair to people who’ve paid their college debt off by working multiple jobs or consciously meeting their obligations.”
The move follows a Government Accountability Office (GAO) report also released Friday, which found Congress has the authority to overturn the loan forgiveness plan.
“President Biden’s student loan scheme does not ‘forgive’ debt, it just transfers the burden from those who willingly took out loans to those who never went to college, or sacrificed to pay their loans off,” said Cassidy, who is the ranking member of the Senate HELP Committee.
“Where is the relief for the man who skipped college but is paying off his work truck, or the woman who paid off her loans and is now struggling to afford her mortgage?
“This resolution prevents these Americans, whose debts look different from the favored group the Biden administration has selected, from picking up the bill for this irresponsible and unfair policy.” --->READ MORE HERE
A trio of Senate Republicans announced Friday that they intend to introduce a resolution under the Congressional Review Act that would overturn President Joe Biden's plan to forgive a wide swath of federally held student loans.
The announcement from Sens. Bill Cassidy (R-LA), John Cornyn (R-TX), and Joni Ernst (R-IA) comes after the Government Accountability Office determined that the president's plan to forgive up to $20,000 in student loans qualifies as a rule subject to the Administrative Procedures Act and can be overturned through a Congressional Review Act resolution.
Opponents of the plan, including Cassidy and other congressional Republicans, have said the forgiveness plan is unfair to people who did not take out loans, and have criticized the cost, which the Congressional Budget Office has pegged at $400 billion over the next decade.
“President Biden’s student loan scheme does not ‘forgive’ debt. It just transfers the burden from those who willingly took out loans to those who never went to college or sacrificed to pay their loans off,” Cassidy said. “This resolution prevents these Americans, whose debts look different from the favored group the Biden administration has selected, from picking up the bill for this irresponsible and unfair policy.” --->READ MORE HERE
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