FIRST ON FOX – Senate Minority Whip John Thune and a gaggle of GOP senators are introducing a invoice to ban President Biden from canceling student loan debt, amid information Biden is contemplating doing simply that.
The invoice would additionally restrict how lengthy the administration can pause student debt funds and add congressional oversight to the method. People with revenue above 400% the poverty line can be exempt from any pause.
“As Americans continue to return to the workforce more than two years since the pandemic began, it is time for borrowers to resume repayment of student debt obligation,” Thune, R-S.D., stated in an announcement. “Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment.”
Thune added: “This common-sense legislation would protect taxpayers and prevent President Biden from suspending federal student loan repayments in perpetuity.”
Federal student loan funds have been first paused in May 2020 beneath former President Donald Trump. But because the economic system exited the pandemic, Biden prolonged that pause a number of instances after taking workplace, to criticism from Republicans.
Progressives, in the meantime, are pushing Biden to utterly forgive student loan debt by way of government order. They say the crushing debt hanging over many school graduates’ heads is forcing them to delay main life selections, and that student debt disproportionately impacts minorities.
Even high Democrats in Congress are pushing for Biden to cancel student debt.
“I won’t stop working for President Biden to use his existing legal authority to #CancelStudentDebt,” Senate Majority Leader Chuck Schumer, D-N.Y., tweeted final week.
MUSK COULD TURN TWITTER ‘UPSIDE DOWN,’ DEMS SAY, WHILE REPUBLICANS CELEBRATE: ‘THE LEFT’S GOING CRAZY’
It was reported this week that Biden instructed members of Congress he’s presently choices for how one can make that occur with government motion. And White House press secretary Jen Psaki stated Tuesday that’s on the desk.
“He will make a decision before there’s an end to that pause. Right now, it’s been extended through August and we have talked about how we are looking at and he is looking at other executive authority options,” Psaki stated.
Thune is joined by Sens. Bill Cassidy, R-La., Richard Burr, R-N.C., Mike Braun, R-Ind., and Roger Marshall, R-Kan., in introducing the invoice.
Republicans say a continued pause on funds, or canceling student debt altogether, represents a bailout to high-income earners at a time when jobs abound. They additionally say the pause is fiscally irresponsible and subverts the need of Congress.
EDUCATION SECRETARY CARDONA ON STUDENT DEBT ACTION: ‘WE HAVE MORE WORK TO DO’
“The Biden administration continues to call for a return to normalcy from the pandemic, while simultaneously extending emergency relief programs like the student loan repayment freeze,” Burr stated. “They can’t have it both ways. Resuming student loan repayments is long overdue, especially in today’s strong job market.”
“The majority of Americans do not have college degrees,” Braun added. “Why should they be forced to pick up the tab for college degrees in the name of pandemic relief? This transfer of wealth is not a move to ‘advance equity,’ but rather a taxpayer handout to appease far-left activists.”
“The administration is spending without congressional approval,” Cassidy stated. “That should be considered unconstitutional.”
The laws is probably going extra a messaging invoice than something. It’s extremely unlikely sufficient Democrats within the House or Senate would help it to move it to Biden’s desk. And it’s much more far-fetched that Biden would signal it.
But it represents Republicans beginning to dig their heels in on a problem that might turn into a serious flashpoint within the midterms, as the present pause expires two months earlier than the election.