A.G. Gancarski
A new bill from U.S. Sen. Rick Scott would block executive-level forgiveness of federal student loans without congressional approval.
The Debt Cancellation Accountability Act would stop President Joe Biden from any attempt to “unilaterally use your taxpayer dollars to pay others’ debts … by requiring Congressional approval for ANY mass cancellation of student debt,” Scott tweeted Thursday.
Scott’s bill comes as the previous Biden plan to write off $10,000 in federal student loan debt and $20,000 for Pell Grant recipients awaits Supreme Court review. Lower courts have ruled the Biden plan illegal thus far.
The legislation would block Biden from unilaterally forgiving $1 million or more in student loan debt for two or more borrowers, but the measure does not address other things that could be done, including zeroing out interest rates on federally backed student loans.
But with Democrats still in control of the Senate following a disappointing election cycle for the Scott-led National Republican Senate Committee, it’s unlikely Scott’s bill will gain much traction.
Scott offered a statement explaining the bill as yet another salvo against the schemes of the so-called “radical left.”
“Our nation is facing a staggering $31 trillion worth of debt and we have closed in on the debt ceiling, yet the Biden administration is still attempting to cancel millions of dollars in student loans. This is just another example of how far he will go to appease the radical left,” Scott contended.
“The reality is, a blanket forgiveness of student loans only benefits a small percentage of the population at the expense of millions of other hardworking Americans. Those who have saved to pay for the education they chose to get, or have no debt at all because they chose a valuable career that doesn’t require a college degree, shouldn’t be on the hook to bail out folks that voluntarily took on debt and now want someone else to pay for it. That’s not how the real world works.”
Scott has suggested previously that student loan forgiveness would drive donations to Democratic candidates, and last year his political operation issued an ad saying that debt forgiveness constituted a “war” on working people.
One comment
Tjb
January 26, 2023 at 1:32 pm
Rick you had no problem when the Trump administration reduced the tax burden on the wealthy, a reduction that greatly increase the debt. I would call this tax break to the wealthy, a “war” on the working class tax payer.
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