Sens. Romney, Cassidy Introduce Resolution to Overturn Student Loan Cancellation Plan

SOURCE: Financial Regulation News

U.S. Sens. Mitt Romney (R-UT) and Bill Cassidy, M.D. (R-LA) are among a group of Republican senators who introduced a resolution this week to overturn President Joe Biden’s plan to cancel student loan debt.

The resolution would also end the pause on student loan payments, which the Biden administration has extended six times. The lawmakers said the pause will have cost a total of $195 billion by the time the most recent extension is set to expire in August 2023.

“It makes no sense for the Biden Administration to cancel hundreds of billions of dollars in student loan debt,” Romney said. “This decision would not only be unfair to those who already repaid their loans or decided to pursue alternative education paths, but it would be wildly inflationary at a time of already historic inflation. Democrats and Republicans alike have called on the President to not take this unwise step and pile more onto our $30 trillion national debt. And while the President’s legal authority in forgiving this debt is dubious at best, our resolution would overturn these actions.”