In June of last year, the Supreme Court struck down the Biden administration’s plan to wipe out student debt for 40 million Americans, crushing the plot to win back the support of young Americans. The Supreme Court said the Biden administration had overstepped its authority.
Now, in defiance of the Supreme Court’s ruling, and with the presidential election just 7 months ago, Biden is trying the student debt relief tactic again.
Below is an excerpt from the Wall Street Journal:
The Biden administration is proposing a sweeping initiative to slash student debt for nearly 30 million Americans, a plan likely to face legal challenges from Republicans who helped kill an earlier White House attempt at large-scale loan cancellation.
The proposal, which President Biden is set to describe in a Monday speech in Wisconsin, marks a major new White House effort to appeal to progressives and young voters seven months before the November election, with polls showing him trailing his Republican opponent, Donald Trump, and underperforming among adults under 30.
The regulations will be rolled out in the coming months, according to administration officials, who said they hoped the first debt relief will kick in this fall, with millions of Americans potentially seeing large portions of their education loans forgiven by November.
One provision of the new proposal is intended to wipe out as much as $20,000 in interest charges, for people whose student debt has ballooned larger than their initial loan principal because of accruing interest, the report explains.
The deal is also designed to cancel student debt for some borrowers who still haven’t paid off their loans after 20 to 25 years.
Biden announced on social media Monday morning:
I said I wouldn’t back down from using every tool at our disposal to get student loan borrowers the relief they need. That’s why today we’re announcing new plans that, if implemented, would cancel student debt for millions more.
Our new plans:
– Cancel runaway interest
– Cancel debt for borrowers eligible for forgiveness programs but have not yet applied
– Cancel debt for borrowers who entered repayment over 20 years ago
– And moreVisit http://StudentAid.gov/DebtRelief to see how these plans may impact you.
Our new plans:
– Cancel runaway interest
– Cancel debt for borrowers eligible for forgiveness programs but have not yet applied
– Cancel debt for borrowers who entered repayment over 20 years ago
– And moreVisit https://t.co/80wXPSSDfn to see how these plans may impact you.
— President Biden (@POTUS) April 8, 2024
Just as they did last year, Republican state attorneys general in multiple states are already preparing to file legal action against the program.
Missouri Attorney General Andrew Bailey wrote, “We beat his unlawful student loan plan in court last summer, so he quickly rolled out Plan B. Now that we’re challenging that, he’s panicked and is rolling out a Plan C.”
“We will continue to watch him closely and take action whenever he’s overstepped his authority.”
We beat his unlawful student loan plan in court last summer, so he quickly rolled out Plan B.
Now that we’re challenging that, he’s panicked and is rolling out a Plan C.
We will continue to watch him closely and take action whenever he’s overstepped his authority. https://t.co/pvtZpvjlcO
— Attorney General Andrew Bailey (@AGAndrewBailey) April 8, 2024
Reactions are pouring in… with many saying Biden is simply trying to buy votes, at the expense of American taxpayers.
How to buy votes 101.
— Gunther Eagleman (@GuntherEagleman) April 8, 2024
Transferring the personal debt of others onto the backs of working Americans in order to buy votes.
If Democrats didn’t cheat they’d never win.
— Jeff Carlson (@themarketswork) April 8, 2024
A slap in the face to those who worked their butts off to pay their debts like an adult should.
This is nothing more than pandering.
— Planet Of Memes (@PlanetOfMemes) April 8, 2024
So weird that the Supreme Court thinks otherwise.
— Tony Morocco (@AJMorocco) April 8, 2024
So you broke the law to give some people’s money to other people so they would vote for you.
— Mike Leigh Torres (@MikeLeighTorres) April 8, 2024
You are violating a Supreme Court order. It’s an attack on our democracy.
— Howard Notelling (@BluegrassPundit) April 8, 2024
Joe Biden is going to keep printing money and devaluing out US Dollar to try to buy the election! Just like a dictator! #SemperFi
— Joshua T. Hosler (@JoshuaHosler) April 8, 2024
President Biden is set to outline a new proposal to reduce or eliminate debt for borrowers whose loan balance has ballooned because of unpaid interest https://t.co/cK1EHMKGgj https://t.co/cK1EHMKGgj
— The Wall Street Journal (@WSJ) April 8, 2024
The post BREAKING: Biden announces new student debt loan forgiveness plan, defying Supreme Court appeared first on Dennis Michael Lynch.
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