Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot
Jodey Arrington - Chairman of the House Budget Committee | Official U.S. House headshot
House Budget Committee Chairman Jodey Arrington (R-TX) responded to President Biden's latest student loan debt cancellation plans by stating, "Here we go again: President Biden is circumventing Congress and defying the Supreme Court as he continues to peddle reckless student loan bailouts. Don’t let Democrats fool you. President Biden's actions don't 'cancel' any loans. Instead, they shift up to a $750 billion tax burden onto the shoulders of every American - many of whom do not even have a college degree - to pay the debts of high-income earners who freely incurred them."
Chairman Arrington's statement comes in response to the Department of Education's release of draft rules for the new student loan forgiveness scheme, which aims to cancel some or all student loan debt for over 30 million borrowers, with the cost being shifted onto taxpayers.
The cost estimates for this plan vary widely, with projections from the Penn Wharton Budget Model (PWBM) and the Committee for a Responsible Federal Budget (CRFB) ranging from $84 billion to $750 billion. Both reports emphasize that President Biden's student loan schemes disproportionately benefit wealthy Americans.
In light of these developments, Chairman Arrington emphasizes that America cannot afford four more years of President Biden's spending addiction, especially as the country faces an unprecedented debt crisis.
The Biden Administration has already canceled $153 billion in student debt for 4.3 million borrowers, and the new plan aims to further alleviate the burden for millions more. However, critics like Chairman Arrington argue that these actions come at a significant cost to taxpayers.
In contrast to President Biden's student loan bailouts, the House Budget Committee's FY 2025 "Reverse the Curse" Budget Resolution aims to protect taxpayer dollars by ending current and future student loan bailouts.
As the debate over student loan forgiveness continues, it remains to be seen how Congress will respond to President Biden's latest efforts to address the student debt crisis.
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