Lubbock Times

WASHINGTON, D.C. – Today, Chairman Jodey Arrington (R-TX) released a statement criticizing President Biden for his actions regarding student loan bailouts. Arrington expressed his disapproval, stating, “President Biden bragging about defying the Supreme Court’s decision on his unconstitutional student loan bailout shows his shameless disregard for rule of law and fiscal responsibility. By supercharging America’s entitlement culture and sticking future generations with the bill, President Biden is sentencing our children to a life of economic disaster. Why? Same reason as most of his radical socialist policies: to placate the Left and gain support at the polls.”

The Biden Administration's persistence in promoting the student loan bailout plan has faced opposition in Congress and the courts. Despite these setbacks, the administration continues to push forward with the scheme, to the detriment of American taxpayers and the increasing national debt.

In response to these actions, Chairman Arrington has taken a stand against the Biden Administration's student loan scheme. He recently collaborated with House Education and Workforce Chairwoman Virginia Foxx (R-NC) to demand more transparency on the cost implications of the latest bailout plans.

The Biden Administration's efforts to implement the debt transfer scheme have raised concerns about the impact on the country's financial situation. A significant discrepancy was highlighted in May 2023 when the Congressional Budget Office projected a deficit of $1.5 trillion for FY 2023. However, the actual deficit turned out to be $2 trillion after factoring in the student loan cancellations, representing a difference of $489 billion or 32 percent.

The timeline of events surrounding the Biden Administration's pursuit of the student loan bailout scheme reflects a determined push despite obstacles faced in Congress and the judicial system.