House overturns Biden’s student loan forgiveness program.

The House Votes to Overturn Biden’s Student Loan Transfer Program

The House of Representatives has voted to pass the Congressional Review Act resolution to overturn the Biden administration’s student loan transfer program. The resolution passed with a vote of 218 to 203 on May 24, with two Democrats joining 216 Republicans in favor of the measure.

Why the Program Faced Opposition

The one-time student loan forgiveness program by the Biden administration faced a challenge from House Republicans who believed it was an irresponsible fiscal policy.

What is H.J. Res. 45?

The resolution, H.J. Res. 45, is an official disapproval by Congress of the administration’s “Waivers and Modifications of Federal Student Loans,” which would be the fulfillment of President Joe Biden’s campaign promise to offer student loan debt relief.

What Lawmakers are Saying

“President Biden’s student loan transfer scheme shifts hundreds of billions of dollars of payments from student loan borrowers onto the backs of the American people,” said Rep. Bob Good (R-Va.), the resolution’s sponsor. “I am proud to lead the fight against President Biden’s reckless, unilateral, and unauthorized action that would unfairly penalize those who worked hard to pay off their loans or who never took them out in the first place. I am pleased that my Republican colleagues overwhelmingly supported my legislation on the House Floor.”

What Happens Next?

The vote came while the administration is still awaiting a decision from the Supreme Court on whether the proposal can be implemented. Lawmakers voted on the resolution to halt the forgiveness program and terminate the pandemic-related suspension of federal student loan payments.

The White House’s Response

The White House announced just days ago that if the measure made it to the president’s desk, he would veto it, supporting his own loan forgiveness program. In a Statement of Administration Policy released on May 22, the White House expressed its disapproval of H.J. Res. 45. “If Congress were to pass H.J. Res. 45, the President would veto it,” the White House statement said. The administration asserts that the measure would “weaken America’s middle class.”

Why the Administration Supports the Program

In the policy statement, the administration outlined its justification for the student loan forgiveness program, saying: “Nearly 90 percent of the relief provided by the Department of Education would go to Americans earning less than $60,000 per year, and more than 40 percent would go to Americans earning less than $30,000 per year. This relief would help to address the disproportionate impact of student debt on borrowers of color and those who attended for-profit institutions.”

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