US Senate reverses Biden’s move to cancel student loans; presidential veto required

New Delhi: A Republican measure to overturn President Joe Biden’s student loan cancellation plan passed the Senate on Thursday and now awaits an expected veto. The vote was 52–46, with the support of Democratic Sens. Joe Manchin of West Virginia and Jon Tester of Montana as well as Arizona Sen. Kirsten Sinema, an independent. The resolution was approved by the GOP-controlled House last week by a vote of 218-203. Biden has pledged to fulfill his commitment to cancel up to $20,000 in federal student loans for 43 million people.

The legislation adds to Republican criticism of the plan, which was put on hold in November in response to lawsuits from conservative opponents. The Supreme Court heard arguments challenging Biden’s move in February, with a conservative majority looking set to sink the plan. A decision is expected in the coming weeks.

Louisiana Sen. Bill Cassidy said, “The president’s student loan plans don’t forgive debt, they just shift the burden from people who never went to college or have already fulfilled their commitment to pay off their loans.” Is.” , the lead sponsor of the Senate push.

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The legislation aims to nullify Biden’s cancellation plan and curtail the Department of Education’s ability to cancel student loans in the future. This would nullify the latest extension of Biden’s pay freeze that began at the start of the pandemic. It would retroactively add back several months of student loan interest that was forgiven by Biden’s extension.

It would also roll back months of progress made toward debt cancellation through the Public Service Loan Forgiveness Program. Those whose loans were recently canceled through the program will have their loans reinstated.

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The GOP challenge invoked the Congressional Review Act, which allows Congress to undo recently enacted executive branch rules. A simple majority is needed in both chambers to pass a resolution, but a two-thirds majority in the House and Senate is needed to override a presidential veto, and Republicans need enough support to do so. Not there.

“If the Republicans get their way and pass this bill into law, people across the country will get the relief they’ve been hoping to take away,” Sen said.