In a significant blow to President Biden's agenda, the Senate has voted to scrap his proposal to forgive over $400 billion in student loan debt. This latest vote sets the stage for Biden's fifth presidential veto since taking office.
According to NBC, in a 52-46 vote, the Senate passed a resolution disapproving of the Department of Education rule implementing Biden's plan. According to FOX News, the success of the resolution was due to the support of Senators Joe Manchin (D-W.Va.), Jon Tester (D-Mont.), and Kyrsten Sinema (I-Ariz.), who joined all 49 Republicans in voting to eliminate the loan bailout.
Republicans Argue Program Unfair to Responsible Borrowers
Last week, the House of Representatives also voted 218-203 to kill the program, with Republicans arguing that it was unfair to Americans who either did not take out student loans or had already paid them off.
"It's something of a slap in the face to Americans who chose more affordable college options, worked their way through school to avoid taking on student loans, or whose parents scrimped and saved to put them through college," Senator John Thune (R-S.D.) said on the Senate floor before the vote.
Democrats, on the other hand, overwhelmingly voted against the resolution, contending that Republican efforts to terminate the program would harm millions of Americans who have already qualified for debt relief.
"I've heard from so many people across my state who were so grateful and relieved to finally have a glimmer of hope and to see a light at the end of the tunnel, and now, Republicans want to snuff it out," said Senator Patty Murray (D-Wash.).
Read also: Student Loan Repayments: Biden Cancels 200,000 Debts as More Borrowers Await Moratorium Extension
Biden Expected To Veto the Resolution, Setting for a Showdown
Despite the passage of the resolution, President Biden is expected to veto it shortly. The White House has warned that scrapping the loan forgiveness program would adversely affect up to 40 million Americans and weaken the middle class.
"Americans should be able to have a little more breathing room as they recover from the economic strains associated with the COVID-19 pandemic," the White House said in a statement that confirmed Biden's intention to veto the resolution if it reaches his desk.
Since the votes in both chambers were mostly along party lines, Congress is unlikely to gather the two-thirds majority required to override Biden's veto. This leaves the fate of the student loan forgiveness program uncertain as Republicans and Democrats continue to clash over the issue.
Under the program announced last year, Biden had proposed canceling up to $10,000 in student loans for individuals making less than $125,000 and up to $20,000 for students who received Pell Grants. According to Washington Post, however, the program was put on hold following a court ruling.
As the debate rages on, millions of Americans burdened with student debt eagerly await a resolution that will provide them with relief from their financial obligations. The uncertainty surrounding the fate of the program leaves borrowers in limbo, unsure of what the future holds for their student loan repayment.
The issue of student loan forgiveness remains a contentious topic, with arguments centered on fairness, personal responsibility, and the economic impact of such a program. The Biden administration continues to push for relief, emphasizing the need to support struggling borrowers as they recover from the financial strains of the COVID-19 pandemic.
However, with the Senate's vote to scrap the $400 billion student loan handout and the expectation of a presidential veto, the path forward for student loan forgiveness remains uncertain. As the political showdown intensifies, the hopes of millions of Americans for relief from their student loan burdens hang in the balance.
Related Article : Public Service Loan Forgiveness Program Finally Implemented Effectively Under Biden Administration, Approves $42 Billion
