Senate passes GOP bill overturning student loan cancellation, teeing it up for Biden veto

Senate passes GOP bill overturning student loan cancellation

The Senate has passed a Republican measure that overturns President Joe Biden’s plan to cancel student loans. The vote resulted in a 52-46 majority, with some surprising support from Democratic Senators Joe Manchin, Jon Tester, and independent Senator Kyrsten Sinema.

Biden expected to veto the bill

The bill now awaits an expected veto from President Biden. Despite the Senate’s approval, Biden has consistently pledged to uphold his commitment to cancel up to $20,000 in federal student loans for approximately 43 million people.

Republican criticism and legal challenges

The passage of this bill adds to the existing Republican criticism of Biden’s student loan cancellation plan. The plan faced legal challenges from conservative opponents, leading to its halt in November. The Supreme Court heard arguments in February regarding the challenge, and a decision is expected in the coming weeks.

The impact of the legislation

The legislation aims to revoke Biden’s cancellation plan and limit the Education Department’s ability to cancel student loans in the future. It also seeks to undo Biden’s extension of the payment pause initiated during the pandemic, retroactively adding waived student loan interest. Furthermore, the bill would roll back progress made by borrowers in the Public Service Loan Forgiveness program, reinstating loans that were recently canceled.

Congressional Review Act and Republican prospects

The GOP challenge utilizes the Congressional Review Act, which allows Congress to reverse recently enacted executive branch regulations. While passing the resolution only requires a simple majority, overriding a presidential veto necessitates two-thirds majorities in both the House and Senate. Republicans are not expected to have enough support for an override.

Democrats’ concerns and opposition

Democrats express concern that if Republicans succeed in passing this bill into law, it would strip away the relief that many individuals across the country are depending on. Senator Patty Murray, a Democrat from Washington, voiced her opposition to the bill, emphasizing the potential negative consequences for people relying on student loan forgiveness.

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What is the GOP bill that passed the Senate regarding student loan cancellation?

The GOP bill passed in the Senate aims to overturn President Joe Biden’s plan to cancel student loans. It seeks to revoke the cancellation plan, curtail the Education Department’s ability to cancel student loans in the future, and roll back progress made by borrowers in the Public Service Loan Forgiveness program.

What is the expected next step for the GOP bill?

The GOP bill now awaits an expected veto from President Biden. Despite passing in the Senate, the bill requires a two-thirds majority in both the House and Senate to override a presidential veto, which is not expected to happen.

What legal challenges has President Biden’s student loan cancellation plan faced?

President Biden’s student loan cancellation plan faced legal challenges from conservative opponents, leading to its halt in November. The Supreme Court heard arguments on the matter in February, and a decision is expected in the coming weeks.

What impact will the GOP bill have on student loan borrowers?

If passed into law, the GOP bill would revoke Biden’s cancellation plan, limit future student loan cancellations, undo the payment pause extension implemented during the pandemic, and reinstate waived student loan interest. It would also roll back progress made by borrowers in the Public Service Loan Forgiveness program.

What is the Congressional Review Act, and how does it relate to the GOP bill?

The Congressional Review Act allows Congress to reverse recently enacted executive branch regulations. The GOP bill utilizes this act to challenge and overturn Biden’s student loan cancellation plan.

What are the concerns of Democrats regarding the GOP bill?

Democrats are concerned that if the GOP bill becomes law, it would eliminate the relief that many individuals across the country are relying on. They argue that it would disproportionately burden those who have already fulfilled their commitment to pay off their loans or who did not attend college.