U.S. Sen. Rick Scott is working to prevent the Biden administration from giving the well-heeled a massive welfare benefit at taxpayers’ expense.
On Tuesday, the Florida Republican floated a bill that prohibits President Joe Biden from canceling massive amounts of student debt without congressional approval.
According to Scott’s office, the Debt Cancellation Accountability Act would require the Department of Education to obtain an “express appropriation” from Congress to pay for any federal student loan debts involving at least two borrowers and an amount of more than $1 million.
About a month ago, reports surfaced that Biden was set to forgive up to $10,000 of debt for any borrower making $150,000 a year or less, or $300,000 as a couple. Overall, Americans owe more than $1.5 trillion in student debt.
But almost all of that is owed to the federal government — which means taxpayers at large must make up any amount Biden forgives.
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In a statement Tuesday, Scott said, “The Biden administration’s latest move to cancel millions of dollars in student loans is yet another example of how far it will go to appease the radical left.”
“The reality is, a blanket forgiveness of student loans only benefits a small percentage of the population at the expense of millions of other hardworking Americans. Those who have saved to pay for the education they chose to get, or have no debt at all because they chose a valuable career that doesn’t require a college degree, shouldn’t be on the hook to bail out folks that voluntarily took on debt and now want someone else to pay for it. That’s not how the real world works.”
The bill, he added, “will hold this administration accountable to American taxpayers by requiring Congressional approval for any mass cancellation of student debt.”
GOP Sens. Cynthia Lummis and John Barrasso, both of Wyoming, and Mike Braun of Indiana, co-sponsored Scott’s bill.
In a statement, Lummis said, “Not only is the United States drowning in more than $30 trillion of debt, but the Biden Administration keeps coming up with ideas to put us further in the hole.”
“A bailout of student loan debt would make skyrocketing inflation worse while only helping mostly upper-middle-class Americans instead of lower-income earners like progressives claim,” she added. “I appreciate Senator Rick Scott’s dedication to calling out this reckless plan, and I am happy to join him in advocating for fiscally sound decisions.”
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Braun noted in prepared comments that the plan to “cancel” millions in student loans will “shift the debt of disproportionally higher-earning borrowers onto every American.”
“This blatant wealth redistribution will only make inflation worse at a time when millions of Americans are already feeling the burden of record-high inflation. I’m glad to join Senator Scott on the Debt Cancellation Accountability Act to prevent the Biden administration from such mass executive overreach.”
Finally, Barrasso said in his statement, “President Biden’s attempts to unilaterally waive millions of dollars in student loans is another appeal to the radical left wing of his party. This move undercuts Americans who have worked hard to responsibly pay off their student debt.”
“At a time when families are feeling the pain of high prices, the president’s proposal will only make inflation worse. Our bill will hold the administration accountable and make sure taxpayers are not stuck paying other people’s student loan debt.”