The Wall Street Journal has released a new report indicating that there is a resurgence of optimism that certain Senate Democrats may collaborate with Republicans in their endeavor to stop President Joe Biden's ill-conceived plan to give away student loans. Senators Bill Cassidy (R-LA), John Cornyn (R-TX), and Joni Ernst (R-IA) are leading the initiative to nullify Biden's student loan giveaway, which could result in taxpayers being charged an amount exceeding $400 billion.
Congressional Republicans plan to use an arcane legislative tool to try to block President Biden’s $400 billion debt-relief proposal before the Supreme Court rules on its legality https://t.co/u6NFBSyXJT
— The Wall Street Journal (@WSJ) March 24, 2023
Last August, Biden revealed a proposal to forgive a substantial portion of federal student loan debt, but it has encountered considerable opposition from detractors who argue that his attempt to execute it exclusively through executive action is unconstitutional. Presently, the matter has been referred to the U.S. Supreme Court, and the nation is anticipating the court's verdict.
Meanwhile, Republican lawmakers in Congress are adopting a proactive stance. Through the Congressional Review Act, the three Republicans have put forth a resolution that would nullify Biden's student loan giveaway. Cassidy, the lead sponsor of the resolution, has stated that "President Biden's student loan proposal does not forgive debt; it only shifts the responsibility from those who voluntarily took out loans to those who either did not attend college or made sacrifices to pay off their loans. This resolution safeguards these Americans, whose debt circumstances differ from the chosen group that the Biden administration has singled out, from being held accountable for this imprudent and inequitable policy."
Under the Congressional Review Act, executive branch agency regulations can be reversed by Congress with a simple majority in both chambers. However, a presidential signature is still needed. Certain Senate Democrats, such as Joe Manchin (D-WV) and Catherine Cortez Masto (D-NV), have conveyed their disapproval of Biden's student loan giveaway, creating optimism that the resolution may receive bipartisan backing and be passed.
However, the disadvantage is that Biden would very likely veto the bill, and its proponents would be unable to overturn the veto. The Supreme Court is anticipated to issue a verdict on Biden's student loan giveaway, no later than June. The political battle regarding this matter persists, as Republicans strive to avert this unconstitutional and inequitable policy.