The Supreme Court ruled Friday that the Biden administration’s plan to forgive student loan debt was unconstitutional, and by doing so, the Supreme Court may have lowered the deficit by nearly $400 billion, according to the Committee for a Responsible Federal Budget (CRFB).
The Biden administration’s decision to offer student debt forgiveness to millions of Americans circumvented Congress’ constitutional right to make laws on spending, the Supreme Court ruled, according to Reuters. By ruling against Biden’s plan, the Supreme Court has shaved off $400 billion from the deficit, saving taxpayers about $30 billion annually for the next decade, according to the CRFB.
“The President’s unilateral student debt cancellation plan was expensive, inflationary, poorly targeted, and would have done nothing to improve the affordability of higher education. With today’s Supreme Court decision, it’s time to put these costly cancellation schemes behind us,” Maya MacGuineas, president of the CRFB said in a statement.
“We hope today’s decision will dissuade this and future Presidents from attempting such costly unilateral actions without Congressional input,” MacGuineas said.
Massachusetts Democratic Sen. Elizabeth Warren disagreed with the ruling, and urged Biden to keep pressing for student debt forgiveness, saying, “This fight is not over. The President has more tools to cancel student debt — and he must use them.”
A deficit increase of $1.539 trillion is expected this year due to falling revenues and higher spending and healthcare costs, according to the Congressional Budget Office. Reversing the student loan plan would make this year’s fiscal deficit appear to fall slightly from 2022, according to Reuters.
Student loan payments will restart in October, according to the Federal Student Aid website.
All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- University ‘forces’ journalism students to fork over tuition money for course on ‘microaggressions,’ pronouns - March 18, 2024
- ‘They’re distracting’: Schools lock up phones as kids struggle to pay attention in class - March 15, 2024
- Blue city teachers’ union yanking kids from class to attend get out the vote event for cause it supports - March 15, 2024
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.
BPR INSIDER COMMENTS
Scroll down for non-member comments or join our insider conversations by becoming a member. We'd love to have you!
