• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsThe Biden administration

Biden vetoes bill that would have canceled his plan to forgive student debt

By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
June 8, 2023, 5:56 AM ET
President Joe Biden speaks during a cabinet meeting at the White House, on June 7, 2023, in Washington.
President Joe Biden speaks during a cabinet meeting at the White House, on June 7, 2023, in Washington. Evan Vucci—AP

President Joe Biden on Wednesday vetoed legislation that would have canceled his plan to forgive student debt.

Recommended Video

The measure had been pushed by Republicans, but it garnered a handful of Democratic votes in the Senate as well.

“It is a shame for working families across the country that lawmakers continue to pursue this unprecedented attempt to deny critical relief to millions of their own constituents,” Biden said in a statement when announcing his veto.

Despite the veto, Biden’s plan still isn’t secure. The U.S. Supreme Court, which is dominated by a conservative majority, is reviewing a legal challenge that could eliminate the program. A decision is expected this summer.

If enacted, Biden’s plan would forgive up to $20,000 in federal student loan debt for borrowers making less than $125,000 per year.

Student loan payments were paused at the beginning of the COVID-19 pandemic. However, they will resume in August for anyone whose debt is not wiped out by Biden’s plan.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Authors
By Chris Megerian
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Pope Leo XIV waving to a crowd
PoliticsCatholic Church
U.S. Catholic leaders criticize Trump for ‘disparaging words’ about the Pope as Vatican clash risks alienating Catholic voters
By Tristan BoveApril 16, 2026
58 minutes ago
fairfax
PoliticsCrime
Justin Fairfax, former rising star in Virginia Democratic Party, found dead in his home along with his wife
By Michael Biesecker, Nathan Ellgren and The Associated PressApril 16, 2026
1 hour ago
trump
PoliticsIran
Trump: Israel and Lebanon agree to cease-fire
By The Associated PressApril 16, 2026
2 hours ago
A floating solar power plant in India
Energyfossil fuels
Trump’s war in the Middle East may end up a global boon for renewables, as think tank calls return-to-coal narrative ‘meaningless’
By Tristan BoveApril 16, 2026
2 hours ago
MacKenzie Scott is bypassing the Ivy League and rewriting the $79 billion higher ed playbook by giving to HBCUs and community colleges
PoliticsMacKenzie Scott
MacKenzie Scott is bypassing the Ivy League and rewriting the $79 billion higher ed playbook by giving to HBCUs and community colleges
By Sydney LakeApril 16, 2026
4 hours ago
hochul
Real EstateNew York
New York governor’s take on a millionaires tax: fancy pied-à-terre second apartments worth over $5 million
By Anthony Izaguirre and The Associated PressApril 16, 2026
5 hours ago

Most Popular

Jeff Bezos pledged $10 billion for climate change. With the 2030 clock ticking, his wife, Lauren Sánchez Bezos, is leading the charge to spend it
Environment
Jeff Bezos pledged $10 billion for climate change. With the 2030 clock ticking, his wife, Lauren Sánchez Bezos, is leading the charge to spend it
By Sydney LakeApril 15, 2026
1 day ago
Billionaire philanthropist MacKenzie Scott has donated again—a week after gifting millions to a college, she's just given $70 million to Meals on Wheels America
Success
Billionaire philanthropist MacKenzie Scott has donated again—a week after gifting millions to a college, she's just given $70 million to Meals on Wheels America
By Emma BurleighApril 13, 2026
3 days ago
Current price of oil as of April 15, 2026
Personal Finance
Current price of oil as of April 15, 2026
By Joseph HostetlerApril 15, 2026
1 day ago
The billionaire Anthropic cofounder who majored in literature says knowing how to ask the right questions beats knowing how to code
Success
The billionaire Anthropic cofounder who majored in literature says knowing how to ask the right questions beats knowing how to code
By Marco Quiroz-GutierrezApril 14, 2026
2 days ago
Economists warned California not to raise the minimum wage to $20. They were wrong in almost every way so far, another economist says
Economy
Economists warned California not to raise the minimum wage to $20. They were wrong in almost every way so far, another economist says
By Sasha RogelbergApril 15, 2026
1 day ago
Palantir CEO says working at his $316 billion software company is better than a degree from Harvard or Yale: ‘No one cares about the other stuff’
Success
Palantir CEO says working at his $316 billion software company is better than a degree from Harvard or Yale: ‘No one cares about the other stuff’
By Preston ForeApril 14, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.