Senate Republicans introduce bill to block President Biden from canceling student-loan debt

Senate Republicans introduce bill to block President Biden from canceling student-loan debt

Five Republican senators introduced a bill this week that would prohibit Biden from taking any action to cancel or forgive student-loan debt.

As Business Insider reports, The Student Loan Accountability Act would prohibit Biden’s Education, Justice, and Treasury Departments from taking any action that would cancel or forgive student-loan borrowers’ outstanding balances or even portions of those balances, the Republicans said in a Wednesday press release.

The bill would include exemptions for student-loan forgiveness, cancelation, and repayment programs that are already in effect, such as the Public Service Loan Forgiveness and Teacher Loan Forgiveness programs.

Republican Sens. Richard Burr and Thom Tillis of North Carolina, Tim Scott of South Carolina, and Bill Cassidy of Louisiana joined Mitt Romney in introducing the bill in Congress this week.

The bill is unlikely to become law anytime soon with a 50-50 Senate, a Democratic-controlled House, and Biden in the Oval Office.

Currently, more than 40 million Americans hold more than $1.7 trillion in student-loan debt. On the campaign trail in 2020, Biden promised to forgive $10,000 per borrower, but more than a year into his presidency, little has been done to fulfill this promise.

“It makes no sense for the Biden Administration to cancel nearly $2 trillion in student loan debt,” Romney said in a statement, seemingly referring to the unlikely scenario in which the president canceled the entirety of America’s student-loan debt.

“This decision would not only be unfair to those who already repaid their loans or decided to pursue alternative education paths, but it would be wildly inflationary at a time of already historic inflation,” the senator added.

Romney previously condemned Democrats for leading in the fight to cancel student-loan forgiveness, calling it a “bribe” for voters. He said at the time: “Desperate polls call for desperate measures: Dems consider forgiving trillions in student loans. Other bribe suggestions: Forgive auto loans? Forgive credit card debt? Forgive mortgages? And put a wealth tax on the super-rich to pay for it all. What could possibly go wrong?”

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