The Senate Appropriate Action for a Bipartisan Debt-Limit Repayment Measure and Its Sentence to Concerns about Climate Change
A bipartisan bill to lift the national debt ceiling was passed by the Senate on Thursday. The federal student loan repayments have been on hold since March 2020.
Senate Majority Leader Chuck Schumer told senators to stay until they vote on the measure.
Schumer said that they were going to start the process of passing the legislation as soon as possible. The Senate will stay in session until a bill is sent to Biden. We will keep working until the job is done.”
On Thursday, the Senate spent much of the day trying to broker a deal among the chamber’s 100 members to speed up the voting schedule. But Senate leaders expressed confidence it would pass.
To speed up the voting schedule, leaders and rank-and-file senators were trying to reach an agreement on how many amendments would be considered before a final vote on the debt limit bill. Schumer warned that there was no chance of the amendments being adopted without raising the risk of default.
It has resulted in strange bedfellows after the House’s opposition to the bill. Republican senators. Mike Lee of Utah, Lindsey Graham of South Carolina and Vermont Independent Bernie Sanders have spoken out against the plan.
Graham is concerned that the legislation won’t include enough funding for defense and Ukraine aid. There are new concerns about threats to climate change that have been raised by the plan.
Student Loan Relief with a Reply to the House Ways and Means of the Senate Budget Committee: Measures of Budget and Spending Changes
The plan was supported by the majority of both parties with McCarthy’s control of the chamber. Democrats played a larger role in the bill’s passage than Republicans did.
House Minority Leader Mitch McConnell, R-Ky., lauded the package, which includes spending changes in exchange for increasing the debt ceiling for two years.
He said on the floor that the House deal was a promising step towards fiscal sanity. Don’t be mistake: there is much more to be done. The fight to reel in wasteful spending is far from over.”
The Senate voted on Thursday to repeal the Biden administration’s student loan relief plan, setting up a promised veto from the president.
The restart will affect some 43 million borrowers who owe a lot of student loan debt. But, in effect, the debt deal hasn’t changed much about the current loan landscape.
The Congressional Review Act allows Congress to reverse executive orders, and the bill was introduced by Republicans. It will take a two-thirds majority for Republicans to be able to defy a presidential veto.
Republicans have been opposed from the beginning, calling the plan an expensive handout. The Congressional Budget Office said it would cost $400 billion.
The Final End to the Student Loan Borrowing Pause: The Biden Administration’s HEROES Plan vs. the Senate’s Solo Legislation
Federal student loan borrowers are supposed to start making payments again after August 29. That’s also when their loans will start accruing interest again.
After five extensions, this appears to be the final end to the repayment pause: The debt deal prohibits the education secretary from making extensions without congressional approval.
With Biden’s veto of the Senate’s standalone legislation, the fate of the broader federal student loan debt relief remains in the hands of the Supreme Court.
It was last August that Biden first announced plans to cancel up to $20,000 of debt for anyone who received a Pell Grant to attend college and up to $10,000 for federal borrowers earning less than $125,000.
The plan was put on ice because of a lawsuit that said the president overstepped his powers.
The Biden administration argues the program falls under the HEROES Act, a 2003 law that gives the Department of Education the power to forgive student loan debt during a national emergency.