A resolution that would nullify President Joe Biden's plan to cancel up to $20,000 in federally held student loans for millions of borrowers faces its first procedural vote in the Senate Wednesday.
House Joint Resolution 45, which passed the House of Representatives last week on a 218-203 vote, will face its first Senate vote Wednesday: a procedural motion to proceed to a final vote. The vote requires a simple majority of the chamber, but with Democratic control of the Senate, Republicans must peel away at least two Democratic votes to successfully pass the resolution. If the vote is successful, a final vote is expected before the end of the week.
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“Make no mistake, these reckless student loan schemes do not 'forgive' debt," Senate Health, Education, Labor, and Pensions Committee ranking member Sen. Bill Cassidy (R-LA) told the Washington Examiner. "They transfer the burden from those who willingly took out loans for college in order to make more money when they graduated, to Americans who never attended college or already fulfilled their commitment to pay off their loans. These policies are as unfair as they are irresponsible.”
The Congressional Review Act allows Congress to repeal executive branch regulations and rules by a simple majority vote. However, such bills still require a presidential signature, likely dooming the resolution even if it makes it to Biden's desk.
Republicans had attempted to include a repeal of the cancellation effort in negotiations to raise the debt ceiling, but a deal struck last week by House Speaker Kevin McCarthy (R-CA) and Biden keeps the plan intact. However, the deal does require the administration to restart loan payments within 60 days of the bill's passage.
The president's student loan cancellation effort, which eliminates up to $20,000 in federally held student loans for borrowers who make less than $125,000, has been widely panned by Republicans as an unfair transfer of wealth. Even members of the president's own party have criticized the plan.
But despite their misgivings, Democrats have largely stayed united in protecting the president's signature plan. Reps. Jared Golden (D-ME) and Marie Gluesenkamp Perez (D-WA) were the only Democratic House members to join with Republicans in passing the resolution last week.
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Democratic senators, however, have bucked the party line and joined with Republicans, especially on CRA votes. Sens. Joe Manchin (D-WV) and John Tester (D-MT) are considered likely swing votes, along with independent Sen. Kyrsten Sinema (I-AZ). Sen. Catherine Cortez Masto (D-NV) has previously expressed opposition to the plan but has not indicated whether she will vote for the resolution.
"The CBO estimates this blanket debt transfer will cost $400 billion. Much of that will benefit wealthier families making up to $250,000 a year," Sens. Cassidy and Chuck Grassley (R-IA) wrote in a Fox News op-ed Tuesday. "Meanwhile, what about the man who skipped college but is paying off the loan on his work truck, or the woman who worked her way through school and is now struggling to pay off her mortgage under Biden’s economy? Instead of debt relief, this administration will force them to pick up the bill. It is unfair that President Biden would punish them because their debts simply look different from those of his preferred class."