The House of Representatives is expected to vote on a resolution on Wednesday that would invalidate President Joe Biden's student loan forgiveness plan.

House Joint Resolution 45 invokes the Congressional Review Act to repeal Biden's effort to cancel up to $20,000 in student loan debt for borrowers making less than $125,000 per year. The Congressional Review Act allows Congress to void regulations issued by the executive branch with a simple majority vote of both chambers, thus bypassing the 60-vote legislative filibuster in the Senate. However, the measure still requires a presidential signature, and Biden has vowed to veto the bill.

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The resolution's primary sponsor, Rep. Bob Good (R-VA), told the Washington Examiner on Monday that he was looking forward to the resolution "receiving strong support" at the planned Wednesday vote.

“President Biden’s student loan transfer scheme shifts hundreds of billions of dollars of payments from student loan borrowers onto the backs of Americans who did not agree to take out the loans," Good said. "I am proud to lead the fight against President Biden’s reckless, unilateral, and unauthorized action that would unfairly penalize those who worked hard to pay off their loans or who never took them out in the first place."

House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) noted that the president's student loan cancellation "scheme" is poised to cost taxpayers at least $315 billion.

"Democrats are flat-out lying when they say this resolution mandates retroactive or surprise loan payments," Foxx told the Washington Examiner. "It’s a scare tactic, and they’re shamelessly using borrowers as political pawns. Let’s cut the overblown rhetoric and find lasting solutions to our failing student loan program. This resolution is a step towards achieving that goal."

In September, the Congressional Budget Office estimated that the president's loan forgiveness plan would cost taxpayers roughly $400 billion over the next decade, while a study from the Wharton School of the University of Pennsylvania estimated the cost could exceed $500 billion.

The effort to discharge the loans is on hold due to a court challenge. The Supreme Court heard oral arguments for and against the legality of the cancellation plan in February, and a ruling in the case is expected within weeks.

The White House released a statement on Monday confirming that the president would veto the resolution if it successfully passed the House and the Senate.

"This resolution is an unprecedented attempt to undercut our historic economic recovery and would deprive more than 40 million hard-working Americans of much-needed student debt relief," the administration said. "Nearly 90 percent of the relief provided by the Department of Education would go to Americans earning less than $75,000 per year, and no relief would go to any individual or household in the top 5 percent of incomes. Americans should be able to have a little more breathing room as they recover from the economic strains associated with the COVID-19 pandemic."