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The House of Representatives votes to invalidate President Joe Biden’s student loan cancellation.
The House Of Representatives Voided Biden’s $400 Billion Student Loan Cancellation, Biden Vows To Veto (PHOTO: Chattanooga Times)
The House of Representatives To Void Biden’s $400 Billion Student Loan Cancellation
House Joint Resolution 45 invokes the Congressional Review Act to overturn President Biden’s step about student loan cancellation of up to $20,000 in student loan debt for borrowers making smaller than $125,000 annually.
The Congressional Review Act authorizes Congress to repeal regulations issued by the executive branch via a majority vote of both chambers. Hence, bypassing the 60-vote legislative filibuster in the Senate but the measure still needs a presidential signature, and Biden has vowed to veto the bill.
The Washington Examiner reported that Representative Bob Good (R-VA), the resolution’s primary sponsor was looking forward to the resolution “receiving strong support” at the planned Wednesday vote.
Good said that Biden’s student loan transfer plan is reckless, unilateral, and unauthorized action because it shifted hundreds of billions of dollars of payments from student loan borrowers onto the backs of Americans who approved taking out the loan.
President Biden’s action is unfair to those who worked hard to pay off their loans or who never took them out in the first place. House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) noted that the president’s student loan cancellation “scheme” is poised to cost taxpayers at least $315 billion.
READ ALSO: Student Loan Borrowers Update – Read Here!
President’s Loan Forgiveness Plan Would Cost $400 Billion
In September, the Congressional Budget Office calculated that the president’s loan forgiveness plan would cost taxpayers approximately $400 billion over the next decade, while a study from the Wharton School of the University of Pennsylvania estimated the cost could surpass $500 billion.
The effort to terminate the loans is on hold due to a court challenge. The Supreme Court heard oral arguments for and against the legality of the cancellation plan in February, and a ruling in the case is expected within weeks.
On Monday, the White House released a statement affirming that the president would veto the resolution if it successfully passed the House and the Senate.
According to the administration that the resolution is an unprecedented attempt to undercut our historic economic comeback and would deprive more than 40 million hard-working Americans of much-needed student loan relief.
The Department of Education is the one that provides most of the relief with nearly 90 percent that would go to Americans making less than $75,000 per year, and no relief would go to any individual or household in the top 5 percent of incomes.
READ ALSO: Up To $1,000 Direct Payment From Income Tax Rebates Will Be Available In Weeks – Are You Eligible?
