What They Are Saying: Biden’s Student Loan Bailout Shifts the Cost to U.S. Taxpayers
WASHINGTON, D.C., May 24, 2023
Under President Biden’s student loan scam doctors, lawyers, and borrowers who stand to make six figures will have their loans canceled. Who’s footing the bill? Taxpayers who had the grit to pay off their loans or never went to college.
Further, the Biden administration has refused to resume student loan repayments. Despite every data point suggesting the repayment pause is unneeded, the Secretary of Education has yet to end this costly and unwarranted policy, which has cost taxpayers nearly $200 billion.
Republicans have a plan to stop these costly policies. H.J. Res. 45 will bar President Biden and the Department of Education from moving forward with their student loan cancellation scheme and prevent any further extension of the student loan repayment pause.
Here’s what they’re saying about Biden’s costly loan cancellation and Republican efforts to protect American taxpayers:
“Rather than addressing college costs and quality, the President’s higher education proposal would lead to more borrowing, higher tuition and worse overall outcomes… Debt cancellation would offer windfalls to higher earners while boosting inflation for Americans already struggling… We applaud Senator Cassidy and Representative Good’s efforts to roll back this costly policy.” – Maya MacGuineas, Committee for a Responsible Federal Budget
“Last year, President Biden announced his plan to forgive up to $20,000 in federal student loan debt for any borrower making less than $125,000. Thankfully, Rep. Bob Good has proposed H.J. Res. 45… Which would formally revoke any alleged ‘authority’ the Administration claimed it had to forgive student loans en masse.” – Grover Norquist, Americans for Tax Reform
“In unilaterally ‘cancelling’ up to $20,000 in student loan debt for borrowers earning less than $125,000 annually, the Biden administration… put into motion a plan that would further inflate college costs, hinder economic growth, reward upper-income earners, and provide a significant handout to institutions of higher education.” – Lindsey Burke, Adam Kissel, Madison Marino, The Heritage Foundation
“The Biden Administration’s borrower bailout is not just a $400 billion transfer of wealth… It is also an unprecedented example of executive overreach that is a clear usurpation of Congress’s power of the purse… The joint resolution introduced today by Senator Bill Cassidy and Representative Bob Good nullifying Biden’s reckless action to cancel student loan debt is an essential check on the kind of imperial presidential ambition that threatens the American constitutional system of government.” – Johnathan Pidluzny, P.h.D., America First Policy Institute
“DFI applauds the committee’s action today on H.J. Res. 45. President Biden’s scheme to write off hundreds of billions of dollars in loans owed to the American people is illegal, unfair, and a slap in the face to hardworking taxpayers across the country, as well as to those student loan borrowers who have paid their debts.” – Bob Eitel, Defense of Freedom Institute
“The Biden Administration continues to blatantly disregard the Constitution and is pushing a politically motivated policy that will cost American families between $500 billion and $650 billion and unfairly target the two-thirds of Americans who do not have a college degree, forcing them to subsidize the small portion of the population with outstanding student debt.” – Akash Chougule, Americans for Prosperity
“This resolution will dissuade the executive branch from other expansions of its authority, prevent the transfer of billions in debt payments to all taxpayers and prevent this authority from being spuriously activated in the future.” – Nicholas Johns, National Taxpayers Union
“The student loan forgiveness plan would be unfairly and disproportionately borne by Americans who have either never voluntarily taken out a student loan or paid back their student loan while benefitting higher income families… H. J. Res. 45 would formally revoke the administration’s claimed authority to forgive student loans.” – Tom Schatz, Council for Citizens Against Government Waste
“Unable to persuade Congress to pass its radical agenda, the Biden administration is resorting to policymaking via illegal executive action... Job Creators Network Foundation has sued to block the student loan bailout and has opposed burdensome emissions standards. JCNF supports Congressional action taken this week to provide congressional disapproval of these undemocratic actions... Congress and the American people must hold [Biden] accountable.” – Alfredo Ortiz, Job Creators Network