U.S. Sens. Bill Cassidy (R-La.), John Cornyn (R-Texas), Joni Ernst (R-Iowa), and 36 of their Republican colleagues have introduced a
Congressional Review Act (CRA) resolution to overturn President Joe Biden’s student loan cancellation program.
The senators claim in their March 27 announcement of the legislation that the policy violates the limits of Biden’s executive authority under the Constitution and circumvents the authority of Congress.
“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,” said Cassidy, according to a
press release about the resolution.
“It is extremely unfair to punish these Americans, forcing them to pay the bill for these irresponsible and unfair student loan schemes.”
According to the lawmakers, the plan seeks to transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $
400 billion.
The resolution would also end the pause on student loan payments, which has been extended six times under the Biden administration, costing taxpayers $5 billion a month. The pause is set to expire in August of 2023 and will have cost Americans a total of $195 billion by then.
On March 17, the Government Accountability Office (GAO)
classified Biden’s student loan policy as a rule, making it eligible to be overturned under the CRA.
Rep. Bob Good (R-Va.)
introduced the companion CRA resolution in the U.S. House of Representatives.
“President Biden’s so-called student loan forgiveness programs do not make the debt go away, but merely transfer the costs from student loan borrowers onto taxpayers to the tune of hundreds of billions of dollars,” said Good, according to the press release.
“Congress should stop these unilateral actions, and I am proud to lead the fight in the House to hold President Biden accountable for his reckless, unfair, and unlawful student loan proposal. I hope all my colleagues will join me and support this effort.”
The Supreme Court heard oral arguments in the cases Biden v. Nebraska and Department of Education v. Brown on whether the student loan cancellation program violates President Biden’s executive authority under the Constitution. A decision is expected this summer.
Cassidy
joined Sen. Marsha Blackburn (R-Tenn.) and 41 other senators in sending an amicus brief to the Supreme Court in early February, contesting the Biden administration’s student debt cancellation program. He also joined Sen. John Thune (R-S.D.) in introducing the Stop Reckless Student Loan Actions Act, which seeks to end Biden’s current student loan pause.
Cassidy also
criticized Biden’s
income-driven repayment (IDR) rule, which he claims would result in a majority of bachelor’s degree holders not having to repay their loans and would cost taxpayers an estimated $230 billion.
