By Casey Harper (Centre Square)
Republican lawmakers in both houses of Congress have launched an effort to reverse the Biden administration’s student loan cancellation via congressional authority.
The move comes after the Government Accountability Office said the student loan rule falls within Congress’s power to rescind under the Congressional Review Act, a law that allows lawmakers to revoke executive rules shortly after they are passed. promulgation. To that end, Rep. Bob Good, R-Va, and Sen. Bill Cassidy, R-La, announced Monday that they are leading a joint resolution of disapproval, the first step for Congress to rescind the student loan forgiveness of Biden.
RELATED: CBO says Biden plans to eliminate student loan debt that will cost taxpayers $400 billion
“President Biden’s so-called student loan forgiveness programs don’t make the debt go away, they just shift the costs from student borrowers onto taxpayers to the tune of hundreds of billions of dollars,” Good said.
Last August, Biden said his administration would “forgive” $10,000 in federal student loan debt to those earning less than $125,000 a year or $250,000 for married couples. Those who borrowed money before July 1 can qualify.
Debt forgiveness would total $20,000 for Pell Grant scholars. The US Congressional Budget Office said the plan would cost taxpayers about $400 billion, although other estimates are higher.
The U.S. Supreme Court has heard a legal challenge to Biden’s loan cancellation. They should rule in the coming weeks. For now, the program is suspended.
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“President Biden is not forgiving debt, he is shifting the burden of student loans from borrowers who have voluntarily taken on their debt and onto those who have chosen not to go to college or who have already fulfilled their commitment to repay. their loans,” Cassidy said. “It is grossly unfair to punish these Americans, forcing them to foot the bill for these irresponsible and unfair student loan programs.”
RELATED: Student debt is not the problem. The higher education cartel is.
The measure has 39 cosponsors so far and support from several groups, including the National Taxpayers Union, the Committee for a Responsible Federal Budget, Heritage Action and America First Policy Institute. The resolution, however, requires Biden’s signature or a large enough majority to override a veto.
“This resolution will deter the executive from further expansions of its authority, prevent the transfer of billions of dollars in debt payments to all taxpayers, and prevent this authority from being falsely activated in the future,” said Nicholas Johns, Director of Policy and Government Affairs, National Taxpayers Union.
Syndicated with permission from the central square.