SALT LAKE CITY (ABC4) – Both Utah Senators Mitt Romney and Mike Lee announced they joined their Republican colleagues in introducing a Congressional Review Act (CRA) resolution that aims to overturn President Biden’s interest in waiving student loans.
In President Biden’s student debt relief program, borrowers could qualify for up to $20,000 in student loan relief for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients. Under Biden’s plan, only borrowers making less than $125,000, or $250,000 for married couples, are eligible for the relief.
According to the White House, roughly 43 million borrowers would be affected by the relief. The Congressional Budget Office says the cost of that relief is estimated to be about $400 billion over the next 30 years.
On March 17, the U.S. Government Accountability Office ruled that Biden’s student loan policy could be overturned under the CRA. The ruling led to a partisan effort led by Louisiana Republican Senator Bill Cassidy and joined by Romney, Lee, and 35 other Senate Republicans.
“It makes no sense for the Biden Administration to cancel hundreds of billions of dollars in student loan debt,” said Romney. “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.”
Sen. Romney said the president’s efforts have been called into question by members of both major parties. Romney called Biden’s legal authority “dubious at best” when it comes to forgiving student loans and the resolution submitted by Senate Republicans would overturn his actions.
Lee echoed Romney’s remarks by saying he is proud to support the resolution, which would “block the president from picking winners and losers.”
“President Biden’s thinly veiled attempt to buy political support before the midterm election is government favoritism at its worst,” said Lee. “His plan doesn’t ‘cancel’ student debt; it sends a tuition bill to those who chose a different path.”
In addition to overturning the student debt relief program, the CRA would also end the pause on student loan payments, which is currently set to expire in August 2023.
The Supreme Court recently heard oral arguments regarding the student loan debt relief program and is expected to rule an opinion on the program in the summer.