President Biden’s plan to forgive up to $20,000 of college debt for federal students making less than $125,000 per year was rejected by the U.S. Senate on Thursday. Additionally, the bill would stop the COVID-era student loan payment suspension, which is now scheduled to expire 60 days after June 30 or when the Supreme Court rules on Biden’s proposal, whichever comes first. President Biden has threatened to veto the measure if it comes to his desk, according to Business Insider.
The legislation, which was first introduced in March, has now been approved by a 52-46 majority. Notably, Republican Senators Susan Collins and Susan Collins joined Democratic Senators Joe Manchin (D-WV) and Jon Tester (D-MT) and Independent Senator Kyrsten Sinema in endorsing the proposal. This proposal represents a huge step forward for its proponents after last week’s unanimous House vote gave it approval.
The cost to taxpayers of Biden’s plan to reduce student debt is $400 billion.
“It’s something of a slap in the face to Americans who chose more affordable college options or worked their way through school to avoid taking on student loans, or whose parents scrimped and saved to put them through college,” Before the vote, Senator John Thune (R-SD) made a statement on the Senate floor.
“It’s deeply unfair to ask the many Americans who worked hard to pay off their loans or who never pursued college in the first place to take on the burden of student debt for individuals who took out loans for college or graduate school and agreed to pay them back,” he said.
The Congressional Review Act is a tool used by Congress to veto executive branch decisions. For this act to be valid, a resolution denouncing the relevant policy must be approved by both the House and the Senate. Recently, utilizing this statute, a resolution was approved by both houses of Congress.
Biden is anticipated to reject the resolution now that it has been approved by both chambers. “Americans should be able to have a little more breathing room as they recover from the economic strains associated with the COVID-19 pandemic,” In a statement announcing Biden’s intended rejection, the White House noted.
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The veto from Biden looms significant since it will be difficult for Congress to overcome it with a two-thirds majority.
Biden, you are one dumb son of a bitch. Next time you fall, I hope you break your frickin neck, you commie bastard!
JOE BIDEN, IS A TRATOR TO THIS COUNRTY.
If Brandon does twist arms to get that passed, then every single person who has already repaid college loans over decades should get refunds plus interest! If not, then we need to start a class action suit.