President Joe Biden is threatening to veto a House resolution that aims to dismantle his student-debt relief plan, which is currently ensnared in legal challenges.
(Bloomberg) — President Joe Biden is threatening to veto a House resolution that aims to dismantle his student-debt relief plan, which is currently ensnared in legal challenges.
The Republican-led House Education and the Workforce committee, in a party-line vote, approved a resolution earlier this month to nullify the Biden administration’s plan to allow for a one-time cancellation of as much as $20,000 in student loan debt and to reduce monthly repayments based on income.
The administration called the measure “an unprecedented attempt to undercut our historic economic recovery” in a Monday statement. It could head to the House floor as soon as this week, with the chamber’s Rules Committee set to consider the legislation Monday.
The GOP resolution relies on a law known as the Congressional Review Act, which lets Congress overturn actions by federal agencies.
Although the bill is likely to pass the GOP-controlled House, it’s all but certain to stall in the Senate, where Democrats hold a narrow majority.
The student-loan forgiveness program has faced legal challenges since the White House announced it in August, prompting the Supreme Court to take up the matter.
Read more: Here’s When You Might Have to Start Paying Student Loans Again
The conservative-majority bench expressed clear skepticism of the program during oral arguments in February. A ruling by the high court is expected by late June, when the court takes a recess. Legal experts widely expect the plan to be struck down.
–With assistance from Jarrell Dillard.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.