On Thursday, June 1st, 2023, the U.S. Senate voted against President Joe Biden's proposed $400 billion student loan forgiveness program. The vote was largely along party lines, with only a few moderate Democrats joining Republicans in voting to repeal the plan.
The bill was introduced by Republican Senator Marsha Blackburn and quickly gained traction in the Senate. It passed with a 51-50 vote, with Vice President Kamala Harris casting the tie-breaking vote.
President Biden had previously announced his intention to forgive up to $20,000 of student loan debt for borrowers who meet certain criteria. He argued that forgiving student debt would help stimulate the economy and provide relief to millions of Americans struggling under the burden of student loan debt.
However, many Republicans argued that forgiving student loans would be unfair to those who have already paid off their loans and that it could lead to higher taxes for other Americans. They also argued that it would be too costly for taxpayers and would not solve the underlying problem of rising college costs.
The repeal of President Biden's student loan forgiveness program is a major setback for his administration and will likely leave millions of borrowers without any relief from their crushing debt burdens. It remains unclear what other measures the White House may take in order to provide assistance to those affected by this decision.