Another wrinkle has been introduced into the short, tortured existence of President Joe Biden’s student debt cancellation plan. On Friday, the U.S. Government Accountability Office issued an opinion stating that the Biden administration’s student loan cancellation is not in effect because it’s a rule that “substantially impact[s] the rights and obligations” of private parties, and such rules must be submitted to Congress before taking effect.
The GAO’s ruling provides Congress with a previously unavailable opportunity to weigh in on mass student debt cancellation. And several Republicans are seizing their moment.
Following the GAO’s ruling, Sens. Bill Cassidy, R-La., John Cornyn, R-Texas, and Joni Ernst, R- Iowa, announced that they “will introduce a Congressional Review Act (CRA) resolution to overturn President Biden’s student loan cancelation scheme, which would transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $400 billion.”
