Virginia Foxx: “Yesterday, the Education and the Workforce Committee passed H.J. Res. 45, a Congressional Review Act resolution to…”

“Yesterday, the Education and the Workforce Committee passed H.J. Res. 45, a Congressional Review Act resolution to overturn Biden's student loan bailout. I thank Representative Bob Good for sponsoring this crucial resolution. If passed through both Chambers, the joint resolution being debated today would nullify President Biden's radical plan to cancel up to $20,000 in student debt by executive fiat. For 2 years, President Biden has attempted to push a free college agenda through radical regulations including income-driven repayment, executive actions like blanket cancellation, and his permanent pause on repayment. Student loan forgiveness is nothing more than a transfer of wealth from those who willingly took on debt to those who did not or had the grit to pay off their loans. Just 13 percent of Americans hold student loan debt, and over one- half is held by graduate students. In other words, President Biden is forcing the very people Democrats claim to care about--low-income families, disadvantaged populations, and blue-collar workers who never stepped foot on a college campus--to pay someone else's tuition bill. How much would it cost the American taxpayer? President Biden's student loan bailout alone will cost taxpayers an estimated $315 billion according to the Congressional Budget Office. Coupled with his reckless income-driven repayment plan and other expansive regulations, his student loan scams could cost as much as $1 trillion.…”