According to the Daily Caller (DCNF), who first obtained the legislation, Republican North Carolina Representative Greg Murphy introduced legislation on Friday that would ban President Joe Biden from canceling student loan debt, something the administration is still reportedly considering.
The bill, titled the ‘Stop the Reckless Student Loan Actions Act,” was co-sponsored by South Dakota Representative Dusty Johnson and Wisconsin Representative Mike Gallagher, both Republicans. The legislation would ban the president from canceling student loan debt, limit how long the president can suspend student debt payments, and increase congressional authority and oversight over the process.
According to CNBC, the Biden administration is reportedly looking to take executive action to forgive $10,000 per borrower, or maybe even more. The move would clear $321 billion of federal student loans and clear the student debt for almost 12 million people. However, Republicans say canceling student debt would just put the responsibility on hardworking, taxpaying Americans, CNBC said.
Representative Murphy told the Daily Caller before introducing the bill, “President Biden often trumpets the line of wanting high-income Americans to pay their fair share.”
Murphy added, “If Biden believed that, he would start by requiring them to pay their own student loans, What progressives fail to acknowledge is that there is no such thing as canceling or forgiving student loans, they’re just shifting the responsibility to hard working taxpayers. The fact is, most Americans do not have college degrees, and it is reprehensible to force low-and middle-income families to bailout Ivy League graduates. I’m proud to be working with my Senate counterparts to protect taxpayers and prevent Biden from unfairly and unlawfully canceling student debt.”
On the other side of the aisle, Senate Majority Leader Chuck Schumer has urged Biden to reconsider canceling $50,000 in student load debt for Americans, however, the White House has not signaled support for that number.
We appreciate our friends at the DCNF for content for this article.