By BETHANY BLANKLEY |THE CENTER SQUARE
Nearly 100 Republican members of Congress have called on House Speaker Nancy Pelosi to hold accountable President Joe Biden for what they say is his “illegal $300 billion student loan giveaway.”
Initially, the cost estimate was $300 billion. However, since then, the Committee for a Responsible Federal Budget (CRFB) projects that “cancelling up to $20,000 for some borrowers will cost taxpayers between $440 billion and $600 billion over the next ten years, with a central estimate of roughly $500 billion.”
The federal government’s overall actions on student loans since March 2020 have cost roughly $800 billion, it notes. “Of that amount, roughly $750 billion is due to executive action and regulatory changes made by the Biden Administration,” it states.
The president has proposed canceling $10,000 for individuals earning $125,000 or less per year or married couples earning less than $250,000 a year. Those who received federal Pell Grants and earn less than $125,000 would also be eligible for total forgiveness of $20,000.
At a news conference on Friday, White House Press Secretary Karine Jean-Pierre said it’s a very targeted plan that’s going to give relief to 90% of Americans who are making less than $75,000 a year. That is important. This is a campaign promise that the president made and kept and he went beyond, not just the $10,000 but up to $20,000.”
Republican U.S. Reps. Jody Hice of Georgia and Elise Stefanik of New York led a coalition of 94 Republicans who sent a letter to Pelosi on Friday arguing the president’s plan is illegal.
“Noticeably absent from the President’s plan is any plausible legal authority to implement such a policy,” they write. “No provision of the Constitution nor any act of Congress, including the Higher Education Act, grants President Biden or the Secretary of Education the authority that they falsely claim to wield through this unilateral action.”
They quote a July 2021 claim Pelosi made in which she said, “People think that the president of the United States has the power for debt forgiveness. He does not. He can postpone, he can delay, but he does not have that power. That has to be an act of Congress.”
Of Pelosi’s claim, Hice said in a statement that he was “demanding that Speaker Pelosi decisively act and stand by her previous statement – a direct repudiation of President Biden’s executive overreach.”
Biden and company do not know the cost of the student loan debt transfer and they do not care.
Elections have consequences. In the case of 2020, dire ones.
Orange Man was so mean people ignored what Biden campaigned on and stupidly elected him to make Orange Man go away.
The result: we’re in a recession, our savings are evaporating, our federal government is actively trying to support the Sniffy geriatric pervert, and the Constitution is under assault.
The “best part”? The Sniffy geriatric pervert is calling many of you who voted for him everything from racist to anti democratic.
Happy America? Did this to yourself.
Why does the congress even bother writing a budget? Brandon’s handlers seem to think they can spend whatever they want with the mere stroke of a pen. And the useful idiots in congress applaud it.
That’s always been the challenge. Get money earmarked for something to come your way. There’s a work around for just about anything. Black budget has become so huge because money goes in there and it’s untraceable. Money allotted to private defense contractors is semi private because they’re not part of the freedom of information act. It’s always been a shell game in Washington, now keep your eye on the pea and tell me shell it’s under.
Debt transfer is a perjorative term for capital redistribution. Robbing Peter to pay Paul. Definition can be found in the Bible. Socialism 101. Biden’s campaign platform and thesis statement for his entire administrative’s agenda.
Biden and Pelosi remind me of old Bagdad Bob. Bob on TV telling the Iraqi people all is well and they are winning a huge victory. Meanwhile, just behind him, there’s bombs and smoke. Biden can’t come clean because he has no cognitive abilities. Nancy is old and greedy. She needs to come clean also about all her and party Paul’s 100% zero failure stock trading.
Shall we quit working now?
When are all of the social programs going to count towards income? Some get free food, healthcare, gas, rent, tuition (via grants), utilities, and more with no requirement to report the freebies on their taxes.
Never. Most of the social programs are income based and the people reaping the benefits pay little and sometimes no taxes. It’s always been that way since the 1960s. Are you saying you want to punish needy people for being needy?
Are those who see the forgiveness not looking at what taxes they will owe? Debt forgiveness is just like receiving money. Be sure to see what any tax might be on that loan forgiveness. Can the student afford it? Anyone know the tax statutes enough to say for certain?
The student loan forgiveness is accounted as income so it will have no bearing on a person’s tax filing. It will give those people a little bit more money each month to spend which should help the economy.
My son worked his butt off for three years after graduating from College (Architect) to pay his students loans off. Yes he had to really pay attention to his lifestyle and budget but he got it done. We helped where we could and were proud of him for eliminating the debt. Biden’s program is a total slap in the face. This administration has become one of no accountability from crime to personal obligations. This is called “how to buy votes” not how do we help our citizens to live without Government interference. Two thirds of our population paying the debts of the top one third is not acceptable.
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