Foxx Celebrates as SCOTUS Puts Final Nail in Biden’s Student Loan Bailout Coffin
WASHINGTON, D.C., June 30, 2023
WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) celebrated the Supreme Court's ruling that definitively struck down the Biden administration’s student loan “forgiveness” scheme as unconstitutional:
“Mr. President, good riddance to your illegal, economically disastrous taxpayer-funded bailout for the wealthy. I had hoped you would have greater respect for taxpayers and the Constitution, but I am pleased the Court stepped in to hold you accountable.
“With today’s ruling, hardworking taxpayers, including the 87 percent of Americans who hold no federal student debt, won’t be forced to foot the cost for Biden’s $315 billion boondoggle.
“This ‘one-time’ ‘cancellation’ of student loan debt was subterfuge for the radical Left’s ultimate goal of taxpayer-funded ‘free’ college for all.
“This scheme would have emboldened colleges to continue raising tuition, forcing students to borrow even more.
“With President Biden and Secretary Cardona’s vote buying and mass regressive wealth transfer scheme now behind us, it is time for the administration to get to work on returning borrowers to repayment and advancing policies that actually address the root issues of student loan debt – rising college costs.
“Simply put, it’s time for individual responsibility, not more government dependence.”
BACKGROUND: On October 17, 2022, President Biden decided to rule through executive fiat by “cancelling” as much as $20,000 in student debt for borrowers making up to $125,000, or $250,000 for married couples. According to the Congressional Budget Office, this scheme could have cost taxpayers $315 billion over the next decade.