In a significant blow to President Biden’s plan to cancel student debt, the U.S. Senate passed a bill on Thursday that would reverse his proposal to forgive up to $20,000 in student loans for federal borrowers earning less than $125,000 annually.
The legislation also aims to end the COVID-era pause on student loan payments, which is currently set to expire either 60 days after June 30 or 60 days after the Supreme Court issues a final decision on Biden’s plan, whichever comes first.
According to Business Insider, President Biden has already indicated that he will veto the bill if it reaches his desk.
Introduced in March, the bill was approved by a vote of 52-46 in the Senate. Democratic Senators Joe Manchin (D-WV) and Jon Tester (D-MT), along with Independent Senator Kyrsten Sinema, joined their Republican counterparts in passing the measure. Last week, the House of Representatives also approved the legislation by a vote of 218-203.
If enacted, President Biden’s student debt relief plan would cost taxpayers a total of $400 billion.
Speaking on the Senate floor prior to the vote, Senator John Thune (R-SD) expressed his opposition to the plan, calling it a “slap in the face” to Americans who pursued more affordable college options, worked their way through school, or had parents who saved diligently to fund their education. He argued that it would be unfair to burden those who had responsibly paid off their loans or chose not to pursue higher education with the financial consequences of student debt.
The resolution passed by both chambers of Congress was crafted under the Congressional Review Act, which allows Congress to reject executive branch policies by passing a resolution of disapproval.
President Biden is expected to veto the resolution now that it has passed both chambers. The White House released a statement announcing his intention to reject the bill, emphasizing the need for Americans to have breathing room as they recover from the economic strains caused by the COVID-19 pandemic.
It is unlikely that Congress will be able to gather the two-thirds majority required to override President Biden’s forthcoming veto.
