Senate advances repeal of Biden’s student debt relief plan.

The U.S. Senate is set to vote on a joint resolution to overturn President Joe Biden’s student debt relief plan. This move could nullify Biden’s one-time student loan forgiveness program.

“Make no mistake: These reckless student loan schemes do not forgive debt. They transfer burden from those who willingly took out the loans to go to college to make more money when they graduated to Americans who never attended college or who have already paid back their loans. These policies are as unfair as they are irresponsible.” – Sen. Bill Cassidy (R-La.)

The resolution, H.J. Res. 45, passed the House of Representatives on May 24 in a 218-203 vote. Two Democrats joined with 216 Republicans in condemning the president’s plan to extend a pause on federal student loan repayment and “cancel” the debt of certain federal student loan recipients. The program is projected to cost taxpayers roughly $400 billion over the next decade, according to the Congressional Budget Office.

Debt Limit Deal

The Senate vote came hours before the House was expected to vote on the debt limit deal struck between House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden over the weekend. The Fiscal Responsibility Act, which would suspend the national debt limit until January 2025, also includes a provision that would require the government to resume the collection of student loan payments and interest, which have been frozen for the last three years.

If passed, payments would resume at the end of August, though the bill has been criticized by stalwart Republicans, who feel McCarthy conceded too much to Biden and the Democrats.

“Tomorrow’s bill is a bunch of fake news and fake talking points that will do nothing to rein in out-of-control federal spending. If every Republican voted the way that they campaigned, they would vote against tomorrow’s bad deal because this is the very thing that we all campaigned to put an end to.” – Rep. Lauren Boebert (R-Colo.)

House Democrats, on the other hand, have…

• Supported the debt limit deal
• Argued that the deal is necessary to avoid a catastrophic default on the nation’s debt
• Stressed the importance of addressing the student debt crisis

Biden has promised to veto the measure if it lands on his desk.