WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Cindy Hyde-Smith, R-Miss., today reaffirmed that they will oppose President Biden’s student loan debt transfer scheme and will vote to approve a Congressional Review Act (CRA) resolution (H.J.Res.45) that would overturn the president’s rule. The CRA has already passed the U.S. House of Representatives. Wicker and Hyde-Smith cosponsored the Senate version.
“The president’s plan never had any legal footing, and it is an insult to working Americans who chose to avoid student debt or have repaid it in full,” Wicker said. “This is not a ‘forgiveness’ plan. It’s an unconditional debt transfer. Repealing this scheme would protect our current workforce from footing someone else’s bill and teach our next generation that they cannot expect others to pay for their obligations.”
“President Biden is leading Americans to believe he can make student debt disappear because that sounds much nicer than the truth, which is that he is just handing over the burden of student loans to hardworking Americans who have either paid off their loans or chose not to borrow,” Hyde-Smith said. “This legislation would block this socialist scheme and protect Mississippians from being forced to pay off someone else’s debts.”
In March, the Mississippi senators joined 45 of their Republican colleagues in a companion CRA resolution after the Government Accountability Office announced that the policy is classified as a rule and eligible to be overturned under the CRA. The resolution (S.J.Res.22) would stop Biden’s plan to transfer up to $20,000 in student loan debt per borrower onto taxpayers with no conditions, costing an estimated $400 billion.
In addition to repealing the president’s student loan debt “forgiveness” plan, the CRA would also end the pause on student loan payments, which costs taxpayers $5 billion a month and has been extended six times under the Biden administration. The pause will have cost Americans a total of $195 billion by the time Biden’s most recent extension is set to expire in August.