Senate votes to OVERTURN Biden’s $400 billion student loan forgiveness plan- president will veto

Senate votes to RELEASE Biden’s $400 billion student loan forgiveness plan: Bill heads to the office of the president — where he has already pledged to veto

  • Biden’s initiative could allow 40 million borrowers to claim up to $20,000 in student debt relief for federal student loans

The Senate passed a resolution on Thursday to overturn Joe Biden’s student loan forgiveness plan, sending the measure to the president’s office.

Democratic Senator Joe Manchin, W.Va., and Jon Tester, Mont., voted with Republicans to withdraw the plan — as did Independent Senator Kyrsten Sinema.

Sens. Michael Bennet, D-Colo., and Mark Warner, D-Va., did not vote.

The House approved the measure last week, but Biden has already said he will veto it. The bill does not have the two-thirds support in the House to override a veto.

The resolution was brought forward under the Congressional Review Act, which allows Congress to override newly passed legislative branch rules.

CRA resolutions can be forced to the floor regardless of who is in charge, and only require a simple majority in the Senate.

Biden’s initiative would allow 40 million borrowers to claim up to $20,000 in student debt relief on federal student loans. But the plan has been mired in legal challenges – and now ends up in the Supreme Court.

The Senate passed a resolution on Thursday to overturn Joe Biden’s student loan forgiveness plan and send the measure to the president’s office

The cost of the program, if it ever goes into effect, is estimated to be about $400 billion.

The Supreme Court, with a 6-3 Conservative majority, will rule on the pardon plan before the end of the month.

The CRA is also reversing Biden’s most recent payment pause extension — which has been in effect since March 2020. The debt limit agreement passed by the House left Biden’s forgiveness plan in place, but said payments will resume on August 29. soon.

Senator Bill Cassidy, who spearheaded the resolution in the Senate, addressed the plan in a Fox News op-ed earlier this week.

What about the man who skipped college but pays off the loan on his work truck, or the woman who worked her way through college and is now struggling to pay off her mortgage under Biden’s economy? Instead of debt relief, this government will force them to foot the bill,” he wrote.

The plan allows singles earning up to $125,000 to claim $10,000 of debt forgiveness and another $10,000 if they are Pell Grant recipients — which is the majority of borrowers. This allows couples earning up to $250,000 to claim the same.

The resolution passed 218-203 in the House. Two Democrats, Rep. Jared Golden, Maine, and Marie Gluesenkamp Perez, Washington, voted with all Republicans.