(TheConservativeNews.org) – Republicans tear into the ‘stupidity’ of Biden considering cancelling all student loan debt. It will raise taxes by $13,000 per person and make inflation worse. Besides, 65% of Americans don’t have a college degree.
Republicans have been piling on President Joe Biden on Wednesday after he signaled an openness to canceling a substantial amount of the $1.6 trillion federal student loan debt held in the United States.
GOP lawmakers on the House Education and Labor Committee pointed out that 65 percent of Americans do not have a college degree, writing on Twitter: ‘Most Americans see the stupidity of mass student loan forgiveness—why can’t the Biden administration?’
And a group of Republican senators are introducing a bill that would ban the president from mass student loan forgiveness.
They’re being led by Senate Minority Whip John Thune (R-S.D.). The bill is also aiming to limit student loan moratoriums after Biden recently extended the relief measure again until August 31.
‘Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment,’ Thune told Fox in a statement.
Biden alluded to his plan during a meeting on Monday with the Congressional Hispanic Caucus, where he told Rep. Tony Cardenas, a California Democrat , that he had plans that would please the group.
The move would be a much-needed policy accomplishment for Democrats heading into November’s midterm elections, at a time when the president’s low approval rating could anchor their chances of keeping control of Congress.
Sen. Mitt Romney (R-UT), accused Democrats of bribing voters by canceling student loan debt.
Republicans have argued that sweeping student debt forgiveness could put an undue burden on US taxpayers.
The White House said it did not yet have any plans on how canceling student debt would work, but Press Secretary Jen Psaki reiterated that the administration will ultimately announce a decision about canceling ‘some student loan debt’ between now and the end of August.