Senate Republicans announced on Monday they will introduce a resolution to overturn President Biden’s student loan forgiveness plan.
The senators are introducing a Congressional Review Act (CRA) resolution that would dissolve Biden’s plan — which is held up at the Supreme Court — to forgive up to $20,000 for borrowers with federal loans. The Congressional Budget Office estimated it would cost about $400 billion over the next 30 years.
The resolution is led by Sen. Bill Cassidy (R-La.), the ranking member for the Health, Education, Labor and Pensions Committee, and Sens. John Cornyn (R-Texas) and Joni Ernst (R-Iowa), with 35 other Republican colleagues signing on.
The CRA allows Congress to review and overturn any regulations created by a federal agency.
The Government Accountability Office determined Biden’s student debt relief plan was subject to the act.
“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,” Cassidy said. “It is extremely unfair to punish these Americans, forcing them to pay the bill for these irresponsible and unfair student loan schemes.”
The resolution would have to make it through the GOP-controlled House and Democrat-led Senate and be signed by the president.
Biden would likely veto the resolution, but the CRA vote would force some in his own party to take a decisive stance on his plan.
While the Senate is controlled by Democrats, not all are in lockstep about student loan forgiveness, with some criticizing Biden when the plan was announced.
“I just thought that it was excessive,” Sen. Joe Manchin (D-W.Va.) said shortly after Biden announced the plan.
Rep. Bob Good (R-Va.) introduced a companion CRA resolution in the House, which has a high chance of passing because it is controlled by Republicans.
“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,” Good said. “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 resolutions have been introduced as the Supreme Court is still considering the legality of the program.
During oral arguments in February, the conservative-leaning Supreme Court seemed skeptical the Biden administration had the legal authority to give out debt relief without congressional approval.
A final decision by the court is expected in May or June.
The Hill has reached out to the White House for comment.