Working People Now Look to President Biden to Deliver on His Promises: Veto the Resolution and Deliver Debt Relief
June 1, 2023 | WASHINGTON, D.C. — Today, the U.S. Senate passed H.J.Res.45, a reckless student debt Congressional Review Act (CRA) resolution that retroactively reverses the pause on federal student loan payments and blocks life-changing student loan debt relief for millions of working families.
The Senate vote follows passage through the U.S. House of Representatives on May 24.
This cruel measure comes as millions of working people with student debt wait for the U.S. Supreme Court to determine the fate of President Biden’s debt relief plan later this month. In addition to blocking debt relief regardless of the Supreme Court’s decision and rolling back already-cancelled payments and interest charges, it will also reinstate more than 260,000 already cancelled student loans owed by educators, nurses, first responders, and other public service workers.
In response, Student Borrower Protection Center Executive Director Mike Pierce issued the following statement:
“45 million people with student loan debt will never forget when politicians, led by Republican extremists, went out of their way to push millions of working families, including their own constituents, into economic catastrophe by passing this reckless CRA resolution.
“Despite right-wing proponents’ attempts to gaslight their own colleagues and the American people on the impact of this bill, this effort would push hundreds of thousands of public service workers back into debt and require the government to charge tens of millions of borrowers for interest that has already been cancelled. If enacted, it will cause irreparable damage to an already severely broken student loan system and undermine Americans’ trust in our government.
“Today’s vote makes crystal clear exactly who stood up and fought to protect the economic livelihoods of millions of people with student loan debt—and who schemed to keep them drowning in the debt despair of our nation’s student loan crisis. The American people are watching and expect President Biden to keep his promise to veto this horrendous bill and deliver on his promise of student loan debt relief once and for all.”
Further Reading
- SBPC-AFT Analysis of the Effect of the Student Debt CRA Resolution on Public Service Workers Across America: https://protectborrowers.org/wp-content/uploads/2023/05/CRA-fact-sheet.pdf
- SBPC Analysis of the Effects of the Student Debt CRA Resolution on Service Members and Veterans: https://protectborrowers.org/wp-content/uploads/2023/05/CRA-Servicemembers-and-Veterans-Fact-Sheet.pdf
- SBPC Analysis of the Effects of the Student Debt CRA Resolution on All Borrowers (April 2023): https://protectborrowers.org/new-analysis-confirms-CRA-will-wreak-havoc-on-tens-of-millions
- AFT’s Report on CRA: Fight for Student Debt Forgiveness
- SBPC Two-Pager on the Effects of the Student Debt CRA Resolution: https://protectborrowers.org/wp-content/uploads/2023/05/CRA-Two-Pager.pdf
- Congressional Research Service Analysis on the Impact of Student Debt CRA Resolution: https://protectborrowers.org/wp-content/uploads/2023/05/CRS_COVID-19-Student-Loan-Flexibilities-and-the-Congressional-Review-Act_05-04-2023.pdf
- Statement of Administration Policy Threatening to Veto the Student Debt CRA Resolution: https://www.whitehouse.gov/wp-content/uploads/2023/05/HJR45-SAP.pdf
- 260+ Organization Letter Urging Congress to Block Republican CRA Scheme to Reverse Student Loan Payment Pause, Block Debt Relief: https://protectborrowers.org/260-groups-call-on-congress-to-reject-CRA
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About Student Borrower Protection Center
The Student Borrower Protection Center (SBPC) is a nonprofit organization focused on alleviating the burden of student debt for millions of Americans. The SBPC engages in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance economic opportunity for the next generation of students.
Learn more at protectborrowers.org or follow SBPC on Twitter @theSBPC.