Mitt Romney Slams Biden’s $400 Billion “Scheme” For Loans

Mitt Romney, photo: Marc Nozell from Merrimack, New Hampshire, USA, CC BY 2.0, via Wikimedia Commons

The Courts have issued orders blocking the Biden Administration’s student debt relief program and studentaid.gov now reports that “as a result, at this time, we are not accepting applications.” For those seeking the targeted debt relief, the site also offers future hope, saying: “We are seeking to overturn those orders.”

Sen. Mitt Romney (R-UT) and Senator Bill Cassidy, M.D. (R-LA), Ranking Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, are introducing a measure meant to crush Biden’s plan and make overturning the court decision unnecessary.

Calling the loan forgiveness a “scheme” which would transfer “$20,000 in student loan debt per borrower onto taxpayers” — costing an estimated $400 billion according to the Congressional Budget Office — the lawmakers portray the Biden student debt forgiveness program as both senseless and unfair.

The Administration's student loan cancelation scheme is unfair, wildly inflationary, and will increase our burgeoning national debt. While the President's legal authority in forgiving the debt is dubious at best, our resolution will overturn these actions.https://t.co/ccssXRSRXq
— Senator Mitt Romney (@SenatorRomney) March 27, 2023

“It makes no sense for the Biden Administration to cancel hundreds of billions of dollars in student loan debt,” Romney said in introducing a Congressional Review Act (CRA) resolution to stop the debt deal. Romney also that the student loan relief would be “unfair to those who already repaid their loans” as well as “wildly inflationary” for the U.S. economy.

Sen. Cassidy reframed the transfer even more baldly, saying Biden was not actually forgiving debt, but merely switching the debt burden to others — citizens who did not accrue the debt in the first place.

“President Biden is not forgiving debt, he is shifting the burden of student loans off of the borrowers who willingly took on their debt and placing it onto those who chose to not go to college or already fulfilled their commitment to pay off their loans,” Cassidy said.