Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

House votes to cancel Biden’s $400 billion student loan handout

by May 25, 2023
May 25, 2023
House votes to cancel Biden’s $400 billion student loan handout

The House voted Wednesday to repeal President Biden’s plan to forgo more than $400 billion in federally backed student loan debt.

Lawmakers approved a resolution disapproving of Biden’s student loan forgiveness plan that was announced last year and is now stalled because of an ongoing legal challenge. The Supreme Court is expected to consider the legality of Biden’s plan later this summer.

On Wednesday, lawmakers voted 218-203 in an attempt to speed up the process and end Biden’s plan through legislation. Every Republican present voted to pass the resolution, along with just two Democrats.

During floor debate, Democrats argued that voting to end Biden’s plan would hurt the roughly 13% of Americans who are likely to qualify for loan forgiveness.

‘At a time when students need relief the most, Republicans are working to upend student loan forgiveness that started under Trump and now continues under President Biden for more than 40 million borrowers,’ said Rep. Mark Takano, D-Calif.

‘Why for the love of God do Republicans want to continue to punch down on America’s students and divide our country?’ he asked. ‘The Biden administration’s student debt relief plan is not a bailout, it is a lifeline, and I implore my Republican colleagues in Congress to speak with borrowers in their own districts about this very issue.’

Another Democrat, Rep. Maxwell Frost of Florida, argued that Republican opposition to Biden’s plan was based on the argument that most Americans don’t need loan repayment aid, and said by that logic, women and Black people would never have been allowed to vote.

‘Why do you bring that bigoted logic to this issue?’ he asked. Rep. Virginia Foxx, R-N.C., asked for those politically charged words to be stricken from the record, and they were removed.

Republicans rejected Democrats’ arguments by saying Biden has no legal authority to wipe away hundreds of billions of dollars in student debt.

‘In fact, he even admitted that to CNN host Anderson Cooper in February 2021 by saying, ‘I don’t think I have the authority to do it by signing with a pen,’’ said Rep. Bob Good, R-Va., the sponsor of the resolution.

Foxx argued that Biden’s plan only helps the wealthy, going against the Democrats’ progressive values.

‘Student loan cancelation is regressive,’ she said. ‘Two-thirds of this debt transfer plan would go to the top half of earners. It takes from those in the lower half and gives to the upper half.’

She added that the loan repayment pause that was instituted during the COVID pandemic resulted in a de facto $65,000 loan cancelation for the average lawyer.

‘This is a professional class bailout,’ she said. ‘More specifically, it is a professional class, graduate degree-holder bailout.’

Biden announced last summer that he would cancel up to $10,000 in student loans for people making less than $125,000, and up to $20,000 for students who received Pell Grants. That program was expected to cost the government more than $400 billion in lost debt repayment, but the program was put on hold after a court blocked it.

Good’s resolution was written under the Congressional Review Act, which lets Congress reject an executive branch policy as long as both the House and Senate pass a resolution disapproving of that policy. House passage sends it to the Senate, where it’s highly unlikely to win approval.

If it could be approved in the Senate, the White House said this week that Biden would veto it.

Pete Kasperowicz is a politics editor at Fox News Digital.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
NC Gov Roy Cooper faces scrutiny for sending daughter to private school amid opposition to school choice bill
next post
Trump, Haley, DeSantis? Here’s everyone running, rumored, or sitting out the GOP 2024 presidential primary

You may also like

Marjorie Taylor Greene moves to censure Rashida Tlaib...

October 27, 2023

China says JD Vance’s comments about ‘peasants’ are...

April 8, 2025

US investigating release of classified docs on Israel’s...

October 23, 2024

White House says Biden believes he made right...

November 8, 2024

Trump, Harris neck and neck as Dems lose...

October 21, 2024

Biden’s foreign policy success stems from reversal of...

February 7, 2024

UPDATE: Ariz. AG Takes Action – Ballots Reported...

November 20, 2022

Comer suggests ‘influence peddling’ in Trump admin will...

January 15, 2023

Several senior House Republicans still silent on Trump...

January 26, 2024

Is Iran’s new president presenting a moderating image...

September 29, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved