Biden Vetoes Measure to Overturn Student Debt Relief Plan
President Biden on Wednesday vetoed a measure that would have overturned his plan to cancel up to $20,000 in student loan debt for tens of millions of Americans.
The measure, which was passed by the Republican-controlled House and Senate, was brought up under the Congressional Review Act (CRA), which allows Congress to nullify newly-placed rules and regulations. Such measures are not subject to the filibuster, so Democrats in the Senate could not block the measure, and a supermajority of 60 votes was not required to advance it.
Biden has said that he is committed to providing student debt relief, but he has also said that he believes the decision of whether or not to forgive student debt should be made by Congress. In a statement, Biden said that he vetoed the measure because he is “committed to continuing to make college affordable and providing this critical relief to borrowers as they work to recover from a once-in-a-century pandemic.”
The fate of Biden’s student debt relief plan now rests with the Supreme Court. The Court is still considering the plan, but the conservative majority is expected to strike it down. Justices displayed skepticism during February oral arguments that the Biden administration has the power to forgive up to $20,000 in student loans.
Biden officially announced the plan in August, after making forgiving student debt a campaign promise and feeling pressure from progressives to act. While progressives hailed the plan as a good first step toward forgiveness, moderate Democrats and Republicans voiced concerns over the cost to taxpayers, which is expected to be about $400 billion. When the president announced his plan, he also announced the upcoming end to the pandemic-era student loan payment pause that was put in place in March 2020 under former President Trump and has since been extended several times.
The resumption of payments was locked in with the passage of the bipartisan debt ceiling agreement, which included a hard cutoff date of 60 days after June 30.
If the Supreme Court strikes down Biden’s plan, it is unclear what will happen to the student loan debt that is currently held by tens of millions of Americans. It is possible that Congress will pass another bill to provide student debt relief, but it is also possible that borrowers will be left to continue paying their loans.
