Biden Vetoes Bill Cancelling His $400 Billion Student Loan Handout, Vows He’s ‘Not Going To Back Down’

President Biden has taken a firm stance by vetoing the proposed legislation that aimed to eliminate his $400 billion student loan relief program. In a Twitter video, he emphasized his unwavering commitment to forgiving the college debt of millions of Americans, stating, “I’m not going to back down on my efforts to help tens of millions of working and middle-class families. That’s why I’m going to veto this bill.”

The President criticized Republicans in Congress for spearheading the bill’s passage, which would have obstructed his administration’s plan to provide up to $10,000 in student debt relief and up to $20,000 for borrowers who received a Pell Grant. Biden pointed out that nearly 90% of the relief funds would benefit individuals earning less than $75,000 per year.

Notably absent from his remarks were any references to Democratic Senators Joe Manchin from West Virginia and Jon Tester from Montana, who joined all Republicans in supporting the bill’s advancement. Independent Senator Kyrsten Sinema of Arizona also voted in favor, resulting in a final tally of 52-46.

Furthermore, Biden did not mention Representative Jared Golden of Maine and Representative Marie Gluesenkamp Perez of Washington, both Democrats, who sided with Republicans in voting for the bill in the House of Representatives. The final House vote count was 218-203.

The President took the opportunity to criticize certain legislators who had “personally received loans to keep their small business afloat during the pandemic” but opposed student debt relief and advocated for “significant tax cuts for corporations and the wealthy.”

Expressing his resolute stance, Biden stated, “Let me make something really clear, I’m never going to apologize for helping working and middle-class Americans as they recover from this pandemic. Never.” He then proceeded to sign the veto, marking his fifth veto since assuming office.

Biden’s student loan relief program, announced last year, intended to cancel up to $10,000 in student loans for individuals earning less than $125,000 and up to $20,000 for Pell Grant recipients. However, the program was temporarily halted following a court injunction. The program was expected to incur a cost of over $400 billion in forgiven debt repayments.

The resolution, approved by both the House and Senate, fell under the Congressional Review Act, which grants Congress the authority to reject executive branch policies by passing a resolution of disapproval.

Considering the predominantly partisan nature of the votes in both chambers, it is unlikely that Congress will achieve the required two-thirds majority in each chamber to override President Biden’s veto.

{Matzav.com}