The law that would have eliminated President Biden‘s $400 billion student loan bailout was vetoed on Wednesday, and he declared he wasn’t “going to back down” when it came to wiping out the college debt of millions of Americans.
Congress passed a law pushed through by Republicans that would have reduced student debt by up to $10,000 for Pell Grant recipients and up to $20,000 for others. According to Biden, who spoke in a video uploaded on Twitter, “Almost 90% of those relief money go to people making less than $75,000 a year.
Loan Subsidy
President Biden promised to keep canceling college debt for millions of people despite vetoing a bill that would have ended his $400 billion student loan bailout. The administration’s plan to offer up to $10,000 in student debt relief and $20,000 to Pell Grant borrowers would have been prohibited by the bill.
Biden promised to keep fighting to support middle-class and working-class families. Senators Jon Tester and Joe Manchin of the Democratic Party joined Republicans in supporting the legislation, but he made no mention of them.
- Biden pledges to cancel college debt, vetoes bill ending bailout.
- Biden pledges to support middle-class families, ignoring Democratic Senators’ support.
- Congress approved the bill, unlikely to overturn Biden’s veto due to contentious votes.
President Biden vetoed a plan that would have eliminated student loan relief for low-income Americans after the House voted 218–203 in favor of it.
The government was anticipated to lose out on nearly $400 billion in debt repayment as a result of the measure, which was introduced last year. This is Biden’s fifth veto since assuming office.
Under the Congressional Review Act, which enables Congress to overturn executive branch decisions if both chambers pass a disapproving resolution, the bill was approved by the House and Senate. It seems improbable that Congress will find the two-thirds majority required to overturn Biden’s veto because of the contentious character of the votes.
