Republicans Reveal Plan to Shred Biden’s Student Loan Bailout

Democratic lawmakers in both chambers of Congress have begun a campaign to use Congressional authorization to revoke the student loan cancellation by the Biden administration.

The Congressional Review Act, which gives politicians the power to revoke professional procedures as soon as they are passed, gave Congress the authority to reject the student loan policy, according to the Government Accountability Office. In order to achieve this, Rep. Bob Good, R-Va, and Sen. Bill Cassidy,R-La, announced on Monday that they are in charge of drafting a Joint Resolution of Disapproval, the first step in Congress’s process to revoke the college loan forgiveness granted to Biden.

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According to Good,” President Biden’s so-called college loan forgiveness products do not make the debts disappear; rather, they easily transfer the costs from students loan borrowers onto taxpayers to the tune of hundreds of billions of dollars.”

Biden announced in August of last year that his administration would” forgive”$ 10, 000 in federal student loan debt for those earning less than$ 125,000 annually or$ 250,000 for married couples. Those who took out a loan prior to July 1 are eligible.

For Pell Grant awardees, the debt cancellation would amount to$ 20,000 in total. Although other estimates are higher, the U.S. Congressional Budget Office estimated that taxpayers would spend about$ 400 billion on the plan.

A constitutional challenge to Biden’s payment withdrawal was heard by the U.S. Supreme Court. They are anticipated to reign in the upcoming week. The program is currently on store.