Republicans have been ramping up efforts to rein in the Biden administration’s ability to cancel student loan debt, arguing such plans are “wildly inflationary” and would only contribute to climbing prices.

Since the Biden administration extended a nationwide pause on federal student loan payments and interest accrual in the spring, Republicans in both chambers have been introducing legislation targeting the president’s authority on student loans.

Legislation introduced in recent weeks includes multiple measures seeking to keep Biden from greenlighting mass cancellation of student debt without buy-in from Congress, as well as a bill codifying that the president lacks the authority to “blanket cancel federal student loans.”

The bills face an uphill climb in the Democratic-led Congress, but Republicans behind the effort say it’s necessary to combat what they argue will be an unfair burden on taxpayers.

“My constituents are worried about the fact that the government runs heavy deficits every year and borrows the money to cover it,” Sen. Mike Braun (R-Ind.) said. “So, you’re running a deficit when you’re not paying for it, and so it is something that at least […]

Read the Full Article