It was one of President Joe Biden’s favorite pet projects, and one most Democrats got behind.
They’ve been trying to cancel mountains of student debt for a long time now, an idea that critics say epitomized socialism. The idea of relieving loan-takers of their responsibilities does lead to problems.
Republicans have been fighting this and now they’ve made a strong statement, even if Biden is destined to shoot it down.
The U.S. Senate has passed a bombshell bill, helmed by several GOP members, that would finally crush Biden’s plan to cancel student debt. It would also immediately lift the freeze on loan payments and interest.
The bill passed 52-46, with a few Democrats defecting to the Republican side in this case: Sens. John Tester (D-MT) and Joe Manchin (D-WV) voted with the GOP.
Prior to the vote, Senate Minority Leader Mitch McConnell tweeted:
The House passed the bill last week and now it’s through the Senate.
Unfortunately, because neither chamber passed it with a wide enough margin, Biden will almost undoubtedly veto the bill. Senate Minority Whip John Thune (R-SD) reminded everyone of this just after the vote.
Even so, it shows the GOP — and much of the government and country — believes this is a bad idea.
The student loan cancellation program will offer relief of up to $10,000 for borrowers who made less than $125,000 in 2020 and 2021. Borrowers who got Pell Grants can get up to $20,000 wiped away.
The only chance left to stop it lies with the Supreme Court: a ruling is slated to come later this month or in early July.
If the high court decides against Biden, his veto won’t matter because SCOTUS won’t allow the bill to take effect. That’s what Republicans are hoping for right now.
Even if Biden’s plan continues, though, the new debt ceiling package includes a provision that ends the freeze on payments and interest. So that’s going to happen no matter what, thankfully.
Hard-working Americans have been irate about the plan from the start: so many have already paid off their student loans, or never had any to begin with. So now it’s their responsibility to cover the loans of others?
That definitely smacks of socialism and prioritizing “need” over ability — an extremely dangerous concept.
Key Takeaways:
- The Senate passed a bill that would shut down President Joe Biden’s student loan cancellation plan.
- But because it didn’t pass with a wide enough margin in the House or Senate, Biden is expected to veto the measure.
- It does send a strong message, however, and the debt relief package will stop the loan payment freeze, at least.
