GOP leaders in Congress announced legislation Monday to end President Joe Biden’s student loan forgiveness program, calling it too “costly.”
In the resolution from Rep. Bob Good, R-Va., and Sen. Bill Cassidy, R-La., Congress declared its disapproval of the program, which is stuck in limbo amid a court fight, the Washington Examiner reported.
The resolution needs only a simple majority to clear the Senate; it’s expected to get a veto by Biden.
“The student loan transfer plan is just the latest in a series of costly moves by the Biden Administration which continue to drive up inflation,” a statement said. “Rep. Good’s Joint Resolution would allow Congress to formally revoke the authority the administration claimed it had to forgive loans.”
On the Senate side, Sen. John Cornyn, R-Texas, and Sen. Joni Ernst, R-Iowa, back the Congressional Review Act resolution along with Cassidy, the ranking member of the Senate Health, Education, Labor, and Pensions Committee, the Washington Examiner noted.
“President Biden is not forgiving debt. He is shifting the burden of student loans off of the borrowers who willingly took on their debt and placing it onto those who chose to not go to college or already fulfilled their commitment to pay off their loans,” Cassidy said in a statement.
Some 38 House Republicans are co-sponsoring the legislation, and groups like the National Taxpayers Union, the Committee for a Responsible Federal Budget, Heritage Action, and the America First Policy Institute are backing it, according to the statement.
Earlier this month, the Government Accountability Office said the student loan cancellation plan is subject to the Congressional Review Act, which gives Congress the authority to dismantle certain regulations within a set time.
Once the GAO gave the green light, Republicans signaled plans to develop legislation to overturn the program — estimated to cost $400 billion, according to the Congressional Budget Office.
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