Lankford Challenges Biden’s Reckless Student Loan Schemes

OKLAHOMA CITY, OK – US Senators James Lankford (R-OK), Bill Cassidy, M.D. (R-LA), John Cornyn (R-TX), Joni Ernst (R-IA), and over 30 colleagues introduced a Congressional Review Act (CRA) resolution to overturn President Biden’s student loan cancelation scheme, which would transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $400 billion. The CRA would also end the pause on student loan payments, which costs taxpayers $5 billion a month and has been extended six times under the Biden Administration, far beyond the original pandemic justification. The pause will have cost Americans a total of $195 billion by the time the most recent Biden extension is set to expire in August of 2023. On March 17^th, the Government Accountability Office (GAO) announced that President Biden’s student loan policy is classified as a rule and is eligible to be overturned under the CRA.

US Senators James Lankford (R-OK), Bill Cassidy, M.D. (R-LA), John Cornyn (R-TX), Joni Ernst (R-IA), and over 30 colleagues introduced a Congressional Review Act (CRA) resolution to overturn President Biden’s student loan cancelation scheme, which would transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $400 billion. The Resolution of Disapproval would also end the pause on student loan payments, which costs taxpayers $5 billion a month and has been extended six times under the Biden Administration, far beyond the original pandemic justification. By the time the pause expires in August of 2023, it will have cost Americans a total of $195 billion. On March 17th, the Government Accountability Office (GAO) announced that President Biden’s student loan policy is classified as a rule and is eligible to be overturned under the CRA.

“If you need evidence that Joe Biden is out of touch with the failing economy he created, look no further than his massive student loan forgiveness plan. Biden’s debt transfer will bankrupt hardworking Americans by fanning the flame of inflation, again. Prices have increased 15 percent since Biden took office. Taxpayers who did not attend college do not want to pay for someone else’s degree,” said Lankford.

“President Biden is not forgiving debt, he is shifting the burden of student loans off of the borrowers who willingly took on their debt and placing it onto those who chose to not go to college or already fulfilled their commitment to pay off their loans,” said Dr. Cassidy. “It is extremely unfair to punish these Americans, forcing them to pay the bill for these irresponsible and unfair student loan schemes.”

“The Biden administration’s tuition bailout is bad public policy, and it’s unfair to people who’ve paid their college debt off by working multiple jobs or consciously meeting their obligations,” said Cornyn. “This would block President Biden’s political gambit from driving up inflation, incentivizing universities to raise tuition, and forcing hardworking Texans to pay off the debts of wealthy graduates.”

“President Biden’s attempt to transfer nearly half a trillion dollars in debt to hardworking Americans who chose to avoid or pay off student loans is unfair and unaffordable. That’s why I’m fighting to stop Biden’s student loan socialism and protect Iowa taxpayers from being forced to foot the bill,” said Ernst. 

Lankford, Cassidy, Cornyn, and Ernst are joined by US Senators John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Mike Braun (R-IN), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Steve Daines (R-MT), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), John Kennedy (R-LA), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Markwayne Mullin (R-OK), James Risch (R-ID), Mitt Romney (R-UT), Marco Rubio (R-FL), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), John Thune (R-SD), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).

US Representative Bob Good (R-VA) introduced the companion CRA resolution in the US House of Representatives.

“President Biden’s so-called student loan forgiveness programs do not make the debt go away, but merely transfer the costs from student loan borrowers onto taxpayers to the tune of hundreds of billions of dollars,” said Good. “Congress should stop these unilateral actions, and I am proud to lead the fight in the House to hold President Biden accountable for his reckless, unfair, and unlawful student loan proposal. I hope all my colleagues will join me and support this effort.”

Background

Recently, the Supreme Court heard oral arguments in the cases Biden v. Nebraska and Department of Education v. Brown on whether the student loan cancelation program violates President Biden’s executive authority under the Constitution. The Supreme Court is expected to issue an opinion on the policy this summer.

On February 7^th, Lankford joined Blackburn and 41 other senators in filing an amicus brief to the Supreme Court challenging the Biden Administration’s student loan cancelation program, which they say circumvents the authority of Congress.

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