(Molly Bruns, Headline USA) Several congressional Republicans introduced a bill to repeal the Biden administration’s latest attempt to forgive student loans, which would effectively transfer $500 billion of unpaid debt onto American taxpayers.
The new plan would allow debtors to pay based off of family size and income instead of based on loan balance. People with less than $12,000 after 10 years of payments would have their debt transferred to the taxpayer.
“Once again, Biden’s newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way, or already responsibly paid off their loans,” said Sen. Bill Cassidy, R-La., the ranking Republican member on the Senate Committee for Health, Education, Labor and Pensions.
Cassidy is one of 17 Republicans in both Chambers working against the “reckless” spending bill.
In a release concerning the bill, the GOP congressmen revealed that the plan would relieve 91% of student debt and cost the taxpayers $559 billion.
“Our resolution protects the 87% of Americans who don’t have student debt and will be forced to shoulder the burden of the President’s irresponsible and unfair policy,” Cassidy added.
“The only difference between President Biden and a snake oil salesman is a title,” Foxx and McClain said in a statement. “Biden’s administration knows what it’s doing is illegal, but it’s pushing forward anyway, promoting its SAVE scheme as a solution to America’s broken student loan system. In reality, the SAVE scheme is a desperate effort to curry favor and buy votes ahead of the next election.”
The Biden administration forgave $116 billion in debt to more than 3.4 million people thus far.