Fischer, Colleagues Introduce Legislation to Overturn President Biden’s Reckless Student Loan Scheme

WASHINGTON, D.C. - U.S. Senator Deb Fischer (R-Neb.) joined 37 colleagues this week in introducing legislation to overturn President Biden's student loan cancelation scheme, which would transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $400 billion.

The State of Nebraska is leading the lawsuit to challenge President Biden's student loan proposal. The case was heard by the U.S. Supreme Court on February 28, 2023.

The legislation would also end the pause on student loan payments, which costs taxpayers $5 billion a month and has been extended six times under the Biden administration. The pause will have cost Americans a total of $195 billion by the time the most recent extension is set to expire in August of 2023. U.S. Senator Bill Cassidy, M.D. (R-La.) led the introduction of the legislation.

"President Biden's multi-billion-dollar student loan scheme would unfairly push the burden of these loans onto all American taxpayers, including the majority of Americans who did not attend college. This administration can't claim to be serious about tackling the threat of inflation when it continues to push far-leftpolicies. I'm proud to join my colleagues in introducing this legislation that will stop this reckless proposal and protect Nebraska taxpayers," said Senator Fischer.

Background

Recently, the U.S. Supreme Court heard oral arguments in the cases Biden v. Nebraska and Department of Education v. Brown on whether the student loan cancelation program violates President Biden's executive authority under the Constitution. The Supreme Court is expected to issue an opinion on the policy this summer.

In addition to Senators Fischer and Cassidy, the legislation was cosponsored by U.S. Senators John Cornyn (R-TX), Joni Ernst (R-IA), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Mike Braun (R-IN), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Steve Daines (R-MT), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Markwayne Mullin (R-OK), James Risch (R-ID), Mitt Romney (R-UT), Marco Rubio (R-FL), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), John Thune (R-SD), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).

U.S. Representative Bob Good (R-VA) introduced the companion CRA resolution in the U.S. House of Representatives.

Click here to view the text of resolution.

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