Senate BLOCKS Biden’s $10k Student Debt Forgiveness Plan

The Senate has taken another step in protecting American taxpayers from Joe Biden’s fiscally irresponsible and foolishly expensive college debt forgiveness plan. Republicans in the House passed the measure earlier last month, and now the Senate is following suit. The Biden-Harris Student Debt Relief Plan sought to cancel $10,000 of federal government-held college debt, which would have affected an excessive 43 million borrowers. The Senate advanced the measure yesterday, following a vote of 51-46 (thanks to three Democrats with some sense left in them). The move allows debate ahead of a final vote (expected on Thursday) on H.J. Res. 45, which would block the Biden plan.

The ridiculous and economically detrimental plan has united Republicans in their opposition, with leaders slamming the proposal’s fiscal irresponsibility. The GOP has criticized the plan for taking taxpayer money from non-college graduates and redistributing it to college graduates. This maneuver would put the economy in danger, especially at a time of post-pandemic recovery. The Dems’ response to Biden’s plan has been incredibly hypocritical, with underhanded support from Senate Majority Leader Chuck Schumer, whose constituents were the driving force behind the proposal.

Tens of millions of Americans are drowning under $1.6 trillion in student loans, leaving them less likely to become home buyers or save for retirement. This excessive amount of debt must be addressed, but taking taxpayer money from all Americans is not the answer. With no requirement for the beneficiaries of government-led college debt relief to repay any of the bailout money, such initiatives become unsustainable.

Biden, Manchin, Sinema, and Tester did not immediately respond to questions on their position on the matter. However, the Supreme Court is expected to resolve pending litigation in Biden v. Nebraska this summer to allow the plan’s implementation. Prior to his laughably expensive $10,000 per borrower relief plan, Democratic Congressional leaders had called on Biden to cancel up to $50,000 per borrower, while Bernie Sanders had called for the elimination of the entire outstanding student debt balance of $1.6 trillion. The costs of such policies are staggering and unaffordable. According to some estimates, Biden’s plan could cost American taxpayers as much as $1 trillion.

Once again, Republicans have demonstrated their commitment to fiscal responsibility and to the American taxpayer by blocking this economically deficient and unjust measure. Let’s hope that common sense will prevail over politics, and that American taxpayers will not be stuck having to pay the bill.

Written by Staff Reports

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