Biden's student loan policy would add $5B a month to America's indebtedness: Sen. Bill Cassidy
Sen. Bill Cassidy, R-La., discusses debt ceiling negotiations as President Biden gears up to meet with lawmakers.
The quickly approaching debt limit gives Congress and the White House an important opportunity to reset and put our fiscal house in order. Unfortunately, President Biden has made it clear he is more interested in continuing his tax and spending sprees that have accelerated our debt and deficits, and brought about economic pain and uncertainty.
The White House was demanding Congress lift the debt limit with no preconditions. President Biden says it’s about "paying our bills," which would be true if the administration was not actively trying to add hundreds of billions to the tab. Perhaps the most egregious example is the Biden administration’s student loan schemes, which the Congressional Budget Office estimates will cost taxpayers close to $600 billion.
This week, the Senate will vote on our Congressional Review Act (CRA) resolution of disapproval to block President Biden’s loan transfer and the repayment pause.
President Biden meets with House Speaker Kevin McCarthy in the Oval Office of the White House on May 22, 2023. (Drew Angerer/Getty Images)
It is important to note his student debt "forgiveness" plan does not actually forgive or cancel debt. It only transfers the burden from those who willingly chose to take out debt to attend college to those who chose not to go to college or already worked to pay off their loans. Making these taxpayers responsible for the debts of others is as irresponsible as it is unfair.
HOUSE TAKES STEP TOWARD GUTTING BIDEN'S $400 BILLION STUDENT LOAN HANDOUT
The CBO estimates this blanket debt transfer will cost $400 billion. Much of that will benefit wealthier families making up to $250,000 a year.
Meanwhile, what about the man who skipped college but is paying off the loan on his work truck, or the woman who worked her way through school and is now struggling to pay off her mortgage under Biden’s economy? Instead of debt relief, this administration will force them to pick up the bill. It is unfair that President Biden would punish them because their debts simply look different from those of his preferred class.
Additionally, the Biden administration has extended the student loan repayment pause six times, long after the original, pandemic lockdown rationale. Costing $5 billion per month, the continued pause has cost the American people $195 billion so far.
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These policies are unfair to the ordinary Americans, 87% of whom have no student loans, who will now have to carry the financial burden of someone else’s student debt.
This is about fairness. We hope all of our colleagues will join us to pass this CRA resolution and stand up for the families who will receive none of the benefit but will have to pay the bill for these irresponsible, unfair policies.
Speaker Kevin McCarthy talks to reporters just after the Republican majority in the House narrowly passed a sweeping debt ceiling package, April 26, 2023. (AP Photo/J. Scott Applewhite)
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As the debt clock continues to climb, Republicans and Democrats must work together to get our financial house in order. The president’s original position of no preconditions to raising the debt ceiling was untenable. For the last two years, his administration has put trillions on the country’s credit card. Now it’s actively trying to spend trillions more with these student loan schemes alone costing over $600 billion and counting.
It’s time to reign in the spending. Speaker Kevin McCarthy, R-Calif., came to the negotiating table in good faith to work out a deal that is best for all Americans. We urge President Biden to do the same.
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Bill Cassidy, a physician, was elected to the U.S. Senate as a Republican representing Louisiana in 2014 and earlier served for six years in the U.S. House.
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