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Politicsstudent loans and debt

Biden rips House GOP while vetoing student debt cancellation cancellation bill: ‘It is a shame for working families across the country’

By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
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By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
June 8, 2023, 1:30 PM ET
Joe Biden
President Joe Biden speaks during a cabinet meeting at the White House, Wednesday, June 7, 2023, in Washington.AP Photo/Evan Vucci

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

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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.
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