WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement commending the House’s 210-189 passage of H.J.Res.88, a Congressional Review Act resolution to overturn the Biden administration’s newest student loan cancellation scheme, which experts say will cost taxpayers as much as $475 billion:
“I applaud the House’s vote last week to short circuit President Biden’s latest attempt at a massive student loan bailout. Make no mistake: Biden is not “cancelling” student debt; he’s supercharging America’s entitlement culture and shifting the financial burden of loans away from upper income students onto middle- and working-class families. Biden’s student loan bailouts are regressive, inflationary, and totally unfair.”
Background:
In late June, the Supreme Court found President Biden’s initial $330 billion student loan “forgiveness” scheme to be unconstitutional.
Hours after the decision was announced, the Biden Administration unveiled their next attempt to pin student loan debt on the American taxpayer: the so-called “Savings on a Valuable Education (SAVE)” plan.
Biden’s so-called SAVE plan hijacks the originally targeted program to one in which 91 percent of new student debt would be eligible for reduced payments and eventual transfer to taxpayers.
According to the Penn Wharton Budget Model, the plan stands to cost everyday Americans up to $475 billion over the next decade.
