WASHINGTON D.C. (BRPROUD) – As American students wait to hear if they’ll have part of their student debt forgiven, Louisiana Sen. Bill Cassidy is joining 36 other republicans in pushing a resolution to overturn the President’s order.
“If we don’t stop this policy, we’ll stop him from doing something equally irresponsible in the future,” Cassidy said.
President Joe Biden’s forgiveness plan promises up to $20,000 in loan forgiveness to those who qualify.
The group introduced a Congressional Review Act which would overturn the policy with a simple majority vote in both chambers but will face a more than likely veto from the president. This will force some members of his party to publicly take a stance on the issue. The resolution also would end the pause on loan payments that has been enacted since the start of the pandemic.
The forgiveness plan would cost about $400 billion, according to the Congressional Budget Office, which Cassidy said is too much to put onto taxpayers who either already paid their debts or didn’t go to college.
“Let’s use the programs we have that are targeted to those in need. Don’t just completely wipe away the debt for folks that aren’t in need,” Cassidy said.
Congressman Troy Carter stated the country forgives debts for agencies and countries all the time so he wants to know why the same can’t be done for working Americans.
“Instead of paying that money back, they get the opportunity to go buy a home, improve their home, invest in their family, invest in their children’s education, and start a business,” Rep. Carter said. “You can not possibly capture all of the residual returns when we invest in people who in turn invest in our country.”
The case is also in front of the U.S. Supreme Court with a decision expected in the next few months. Carter said the resolution should be put on hold until a decision comes down.
“Why is it better to invest in somebody else and forgive their debt but ignore the working men and women, who by the way are not republican or democrat or black or white they’re Americans?” Carter asked.
Cassidy said Congress is supposed to have the power of the purse and should take the power back from the President.