Washington, D.C. — Senators Ted Budd (R-NC), Bill Cassidy, M.D. (R-LA), John Thune (R-SD), John Cornyn (R-TX), and 14 Republican colleagues introduced a Congressional Review Act (CRA) resolution to overturn President Biden’s latest attempt to cancel student loan debt.
The CRA would overturn the administration’s reckless income-driven repayment (IDR) rule, which will result in a majority of bachelor’s degree student loan borrowers not having to pay back even the principal on their loans, costing taxpayers as much as $559 billion.
On June 30, 2023, President Biden announced the final IDR rule following the U.S. Supreme Court ruling to block his initial illegal student debt scheme that attempted to transfer hundreds of billions of dollars in student loan debt onto taxpayers.
U.S. Representative Lisa McClain (R-MI) introduced the companion CRA resolution in the House.
Senator Budd said in a statement:
“The Biden administration’s continued attempts to cancel student loan debt is an affront to the millions of borrowers who responsibly repaid their loan balances, and the millions of taxpayers who don’t have a college degree and would be forced to subsidize the loans of others. This rule should be overturned, and I’m proud to join Dr. Cassidy’s effort to do just that.”
Dr. Cassidy said:
“Once again, Biden’s newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way, or already responsibly paid off their loans. Our resolution protects the 87 percent of Americans who don’t have student debt and will be forced to shoulder the burden of the President’s irresponsible and unfair policy.”
Senator Thune said:
“Instead of creating a real plan to lower the costs of higher education, President Biden continues to propose budget-busting student loan bailouts that would force 87 percent of Americans who do not have student loan debt to bear the costs of the 13 percent of Americans who do. It’s incredibly unfair to those who never incurred student debt because they didn’t attend college in the first place or because they either worked their way through school or their family pinched pennies and planned for higher education. I’m proud to join my colleagues in introducing this resolution that would overturn President Biden’s latest misguided and fiscally irresponsible student loan bailout.”
Senator Cornyn said:
“The Biden administration’s latest election-year student loan stunt would force hardworking Texans to foot the bill for hundreds of billions of dollars in other people’s student loans. This resolution would stop this indefensible debt scheme in its tracks and shield Americans from an unfair financial burden.”
###
