House Republicans’ plan to raise the debt limit would block President Biden’s signature student debt cancellation program and take a hammer to his administration’s other student loan policies.
would block President Joe Biden’s signature student debt cancellation program and take a hammer to his administration’s other student loan policies.and GOP leaders would nullify Biden’s plan to cancel up to $20,000 of debt per borrower and end the freeze on monthly payments and interest.
The legislation would also bar the Biden administration from moving forward with a new income-driven repayment plan that cuts monthly payments for most borrowers and shortens the timeline to loan forgiveness for some borrowers. Such a sweeping prohibition would imperil efforts by the administration to provide additional relief or benefits to student loan borrowers. That would include any backup option for canceling large amounts of student debt if the Supreme Court rejects Biden’s student debt relief plan in the coming months.The provisions are among dozens of policy changes and spending caps that House Republicans included in their 320-page legislation to raise the debt limit by $1.
McCarthy said he hopes to pass it in the House next week. But the proposal stands no chance of passing the Democrat-controlled Senate.
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