Chairman Arrington Releases Statement on Biden’s Shameless Disregard for Rule of Law and Fiscal Responsibility on Student Loan Bailouts
WASHINGTON, D.C. – Today, Chairman Jodey Arrington (R-TX) released a statement slamming President Biden for openly circumventing the Supreme Court to push his unconstitutional student loan bailout. Earlier this week, the President said of his debt transfer plan: “the Supreme Court blocked it, but that didn’t stop me.”
“President Biden bragging about defying the Supreme Court’s decision on his unconstitutional student loan bailout shows his shameless disregard for rule of law and fiscal responsibility.
“By supercharging America’s entitlement culture and sticking future generations with the bill, President Biden is sentencing our children to a life of economic disaster.
“Why? Same reason as most of his radical socialist policies: to placate the Left and gain support at the polls.”
Background
The Biden Administration has been relentless in pushing their student loan bailout scheme on the American public, despite it being shut down in Congress and the courts. The repercussions of this debt transfer are dire for the American taxpayer and our growing debt.
In May 2023, CBO projected the FY 2023 deficit to be $1.5 trillion. The actual FY 2023 deficit was $2 trillion (after accounting for the Administration’s student loan cancellations), a difference of $489 billion or 32 percent.
Chairman Arrington is pushing back on the Biden Administration’s student loan scheme, and recently sent a letter to the Biden Administration with House Education and Workforce Chairwoman Virginia Foxx (R-NC) demanding more clarity on the cost of the latest bailout plans.
See below for a timeline of the Biden Administration’s push for their debt transfer scheme:
