Congress Passes CRA Resolution Overturning Biden’s Student Loan Debt Bailout

Press Releases · May 31, 2023

WASHINGTON – Heritage Action, a conservative grassroots organization with two million grassroots activists, released the following statement from Executive Director Jessica Anderson following the Senate’s passage of the Congressional Review Act resolution to overturn President Biden’s student loan debt bailout rule.

“By passing the Congressional Review Act resolution to overturn Biden’s student loan bailout, the Senate and the House have taken an important step to protect Americans from the administration’s plan that would transfer up to $20,000 in student loan debt per borrower onto taxpayers. Estimated to cost at least $400 billion, the Left’s scheme would benefit upper-income earners and Biden’s political base at the expense of hardworking American taxpayers who did not take out loans or who have already responsibly paid off their loans.

Not only is Biden’s proposed rule regressive, but it also fails to address the underlying reasons for unaffordable tuition costs. Instead, the scheme would incentivize higher education institutions to continue raising tuition costs while encouraging students to continue taking on unaffordable loans with the implicit promise that one day their debt will be ‘forgiven.’

Former Speaker Nancy Pelosi herself said that “it would take an act of Congress” to implement a student debt bailout plan, but President Biden decided to once again ignore the will of Congress and act outside of his legal authority to force his agenda on the American people. Now that Congress has formally rejected the administration’s proposed rule, President Biden must put the interests of the American people ahead of his political gimmicks and sign this CRA resolution.”