Lubbock Times

WASHINGTON D.C. - House Budget Committee Chairman Jodey Arrington (R-TX) has commended the House's passage of H.J.Res.88, a Congressional Review Act resolution aimed at overturning the Biden administration's student loan cancellation scheme. The House voted 210-189 in favor of the resolution, which experts estimate could cost taxpayers up to $475 billion.

In a statement, Chairman Arrington expressed his support for the House's decision, stating, "I applaud the House's vote last week to short circuit President Biden's latest attempt at a massive student loan bailout." He further emphasized that President Biden's plan does not truly "cancel" student debt but instead burdens middle- and working-class families while benefiting upper-income students. Chairman Arrington described the plan as regressive, inflationary, and unfair.

The Supreme Court previously deemed President Biden's initial $330 billion student loan forgiveness scheme unconstitutional. Following this ruling, the Biden administration introduced the "Savings on a Valuable Education (SAVE)" plan. This new plan would make 91 percent of new student debt eligible for reduced payments and eventual transfer to taxpayers.

Experts from the Penn Wharton Budget Model estimate that the SAVE plan could cost everyday Americans up to $475 billion over the next decade. This projection has raised concerns about the financial burden it would place on taxpayers.

The passage of H.J.Res.88 by the House reflects a pushback against President Biden's approach to student loan debt. Critics argue that the plan fails to address the root causes of rising student debt and instead shifts the responsibility onto taxpayers.

As the resolution moves forward, it remains to be seen how the Senate will respond to the House's decision. The outcome of this legislative battle will have significant implications for the future of student loan policies and the financial well-being of American families.

With the House's approval of the resolution, Chairman Arrington and other lawmakers who support overturning the Biden administration's student loan bailout scheme are hopeful that their efforts will result in a more equitable and sustainable solution to the student debt crisis.

For additional details, please follow this link: https://arrington.house.gov/news/documentsingle.aspx?DocumentID=1130