WASHINGTON — Today, U.S Senator Ron Johnson (R-Wis.) joined Senators Bill Cassidy, M.D. (R-La.), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, John Cornyn (R-Texas), Joni Ernst (R-Iowa), and 34 of their Republican colleagues in introducing a Congressional Review Act (CRA) resolution of disapproval 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 CRA would also end the pause on student loan payments, which costs taxpayers an estimated $5 billion each month and has been extended six times under the Biden administration, far beyond the original pandemic justification.
“This unconstitutional power grab is grossly unfair to families who did not send their kids to college and to those who managed to pay off their student debt,” said Senator Johnson. Biden’s student loan bailout does not ‘forgive’ debt but transfers $400 billion onto the backs of taxpayers. I hope my colleagues on both sides of the aisle will join us in halting this unfair policy.”
“President Biden is not forgiving debt, he is shifting the burden of student loans off of the borrowers who willingly took on their debt and placing it onto those who chose to not go to college or already fulfilled their commitment to pay off their loans,” said Dr. Cassidy. “It is extremely unfair to punish these Americans, forcing them to pay the bill for these irresponsible and unfair student loan schemes.”
“The Biden administration’s tuition bailout is bad public policy, and it's unfair to people who've paid their college debt off by working multiple jobs or consciously meeting their obligations,” said Senator Cornyn. “This would block President Biden’s political gambit from driving up inflation, incentivizing universities to raise tuition, and forcing hardworking Texans to pay off the debts of wealthy graduates.”
“President Biden’s attempt to transfer nearly half a trillion dollars in debt to hardworking Americans who chose to avoid or pay off student loans is unfair and unaffordable. That’s why I’m fighting to stop Biden’s student loan socialism and protect Iowa taxpayers from being forced to foot the bill,” said Senator Ernst.
Sen. Johnson is joined on the resolution by U.S. Senators Bill Cassidy (R-La.), John Cornyn (R-Texas), Joni Ernst (R-Iowa), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Mike Braun (R-Ind.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho.), Steve Daines (R-Mont.), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), John Kennedy (R-La.), James Lankford (R-Okla.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Markwayne Mullin (R-Okla.), James Risch (R-Idaho.), Mitt Romney (R-Utah), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), John Thune (R-S.D.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), and Todd Young (R-Ind).
Full text of the CRA resolution can be found here.