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WASHINGTON, D.C. – U.S. Senator Deb Fischer (R-Neb.) released the following statement after the U.S. Senate passed legislation overturning President Biden’s student loan cancelation scheme, which would transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $400 billion.

The State of Nebraska is leading the lawsuit to challenge President Biden’s student loan proposal. The U.S. Supreme Court heard the case on February 28, 2023. 

“Today Congress rightfully rejected President Biden’s student loan games. This scheme is deeply unfair — forcing American taxpayers who didn’t attend college to bear the burden of loans they didn’t take out. The White House will fail to get our economy back on track so long as it continues to pursue such reckless policies. I urge the President to listen to the bipartisan will of Congress and end this proposal,” said Senator Fischer.

Background:

In February, the U.S. Supreme Court heard oral arguments in the cases Biden v. Nebraskaand Department of Education v. Brown on whether the student loan cancelation program violates President Biden’s executive authority under the Constitution. The Supreme Court is expected to issue an opinion on the policy this summer. 

U.S. Representative Bob Good (R-Va.) led the introduction of the House legislation to overturn the President’s loan forgiveness scheme. The House approved the legislation earlier this month. U.S. Senator Bill Cassidy (R-La.) introduced the Senate companion legislation.

In addition to Senators Fischer and Cassidy, the Senate legislation was cosponsored by U.S. Senators Mitch McConnell (R-Ky.), John Cornyn (R-Texas), Joni Ernst (R-Iowa), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Mike Braun (R-Ind.), Ted Budd (R-N.C)., Shelley Moore Capito (R-W.Va.), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Steve Daines (R-Mont.), Lindsey Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), John Kennedy (R-La.), James Lankford (R-Okla.), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kansas), Markwayne Mullin (R-Okla.), James Risch (R-Idaho), Mitt Romney (R-Utah), Marco Rubio (R-Fla.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), John Thune (R-S.D.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), and Todd Young (R-Ind.).

Click here to view the text of resolution.

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