Biden White House quietly changes rules to student loan scheme: Lisa Boothe
'The Big Sunday Show' panelists weigh in on 'changes' to Biden's student debt handout plan and the House of Representatives nixing a vote to limit members of Congress from stock trading.
"The Big Sunday Show" panelists discussed the Biden administration's decision to scale back its student loan handout program during their weekly program.
On the show, Fox News contributor Lisa Boothe argued that the debt handout amounted to a "heist."
"The White House quietly reversed its student loan program rules, saying borrowers with federal loans issued and managed by private banks now no longer qualify for forgiveness," Boothe said.
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President Biden waves after returning to the White House in Washington to announce his student loan forgiveness plan. (AP Photo/Susan Walsh)
"This comes as at least six states are suing the Biden administration over its ‘forgiveness program’, I put that in quotes because obviously it's a heist, but Joe Biden is doubling down," she continued.
"I think this is a mistake because, ultimately, you're going to have more people peeved off that they're going have to pay for other people for getting terrible degrees that they're never going to be able to pay off than those that are receiving the benefits," she said.
Raymond Arroyo agreed with Boothe and added that he does not believe the Biden administration has the legal authority to extinguish students' debt unilaterally.
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U.S. President Joe Biden and U.S. Education Secretary Miguel Cardona deliver remarks during an event for the 2022 National and State Teachers of the Year in the East Room of the White House on April 27, 2022 in Washington, DC. (Anna Moneymaker/Getty Images)
"It is a mistake. That's why all of these states are suing him," Arroyo said.
"First of all, he doesn't have the executive authority to do this, he's not the purse strings. That's Congress's job," he continued.
Arroyo noted that Biden's executive order is based on the HEROES Act, a 2003 law that Arroyo argued has little relation to Biden's August executive order.
President Biden greets people after returning to the White House in Washington, Wednesday, Aug. 24, 2022. (AP Photo/Susan Walsh)
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The Congressional Budget Office estimates that Biden's student loan forgiveness program will cost more than $400 billion.
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