Federal Court Halts Biden’s $500 Billion Student Loan Forgiveness Plan

President Biden’s magic money machine has run out of gas yet again in Missouri. A federal court threw a wrench in his latest scheme to forgive nearly $500 billion in student loan debt, slapping it down with a well-deserved reality check. U.S. District Judge John Ross, who, unsurprisingly, is an Obama appointee, issued a temporary injunction against the Department of Education’s newest brainchild: the Savings on Valuable Education plan.

This plan, which sounds more like a dubious infomercial product than a government program, aimed to tweak the repayment options for student loan borrowers. In a nutshell, it was poised to shield more of an individual’s income when calculating monthly payments, lower the number of years needed to qualify for loan forgiveness, and put a lid on the accused interest. But Judge Ross saw right through this charade, ruling that the proposed changes overstepped the authority of Education Secretary Miguel Cardona.

The judge pointed out that Missouri faced impending harm from any additional loan forgiveness under the plan, thus it was imperative to hit the pause button. This temporary injunction halts Biden’s financial sleight of hand from kicking in on July 1, saving hardworking Americans a small fortune for now. Attorney General Andrew Bailey of Missouri, undoubtedly pleased, proclaimed this was about upholding the Constitution and protecting taxpayers from footing the bill for what he described as “Ivy League debt.” Bailey, with the gravitas of a seasoned veteran, reiterated that only Congress has the power of the purse, not President Biden.

Missouri isn’t fighting this battle alone. A coalition of states including Florida, Georgia, Arkansas, Oklahoma, North Dakota, and Ohio have joined forces, highlighting that Biden’s plan would cost taxpayers an additional $45 billion on top of the president’s prior futile attempt to forgive student loans. Let’s not forget that the Supreme Court had already shut down that earlier effort in 2022. The high court, in a 6-3 ruling, made it clear that the secretary of education has no authority to waive student debt. Biden’s attempt to bypass the Constitution was sent packing.

So, in the latest chapter of Biden’s saga of fiscal irresponsibility, the courts have once again stepped in to save the day. Americans can breathe a sigh of relief knowing that the rule of law still means something, even if it means standing up to the whims of the current administration.

Written by Staff Reports

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