Republican Florida Sen. Rick Scott introduced legislation Thursday that would prevent the mass cancellation of student loan debt in the U.S., something the Biden administration is reportedly considering.
The Debt Cancellation Accountability Act, first obtained by the Daily Caller, would require the U.S. Department of Education to obtain appropriation from Congress to pay for any federal student loan debts they try to waive, discharge or reduce whenever granted to two or more people borrowing an amount greater than $1,000,000, instead of a case-by-case basis.
The Biden administration is reportedly looking to take executive action to forgive $10,000 per borrower, or maybe even more. The move would clear $321 billion of federal student loans and clear the student debt for almost 12 million people, according to CNBC. However, Republicans say canceling student debt would just put the responsibility on hardworking, taxpaying Americans.
“The Biden administration’s latest move to cancel millions of dollars in student loans is yet another example of how far it will go to appease the radical left. The reality is, a blanket forgiveness of student loans only benefits a small percentage of the population at the expense of millions of other hardworking Americans. Those who have saved to pay for the education they chose to get, or have no debt at all because they chose a valuable career that doesn’t require a college degree, shouldn’t be on the hook to bail out folks that voluntarily took on debt and now want someone else to pay for it,” Scott told the Daily Caller before introducing the bill.
“That’s not how the real world works. Our legislation, the Debt Cancellation Accountability Act, will hold this administration accountable to American taxpayers by requiring Congressional approval for any mass cancellation of student debt. When I was governor of Florida, we focused on solving the real problem behind massive student loan debt: the rising cost of higher education. Biden should do the same,” Scott continued.
The legislations cosponsors include Indiana Sen. Mike Braun, Wyoming Sen. Cynthia Lummis and Wyoming Sen. John Barrasso.
READ THE LEGISLATION HERE:
“The Biden administration’s plan to ‘cancel’ millions in student loans will shift the debt of disproportionally higher-earning borrowers onto every American. This blatant wealth redistribution will only make inflation worse at a time when millions of Americans are already feeling the burden of record-high inflation. I’m glad to join Senator Scott on the Debt Cancellation Accountability Act to prevent the Biden administration from such mass executive overreach,” Braun told the Caller.
Republicans in the House introduced legislation in May that would ban President Joe Biden from canceling student loan debt. (RELATED: EXCLUSIVE: House Republicans Introduce Legislation That Would Ban Biden From Canceling Student Loan Debt)
Lummis told the Caller that the U.S. would go through even worse inflation if the Biden administration canceled student loan debt.
“Not only is the United States drowning in more than $30 trillion of debt, but the Biden Administration keeps coming up with ideas to put us further in the hole. A bailout of student loan debt would make skyrocketing inflation worse while only helping mostly upper-middle class Americans instead of lower income earners like progressives claim. I appreciate Senator Rick Scott’s dedication to calling out this reckless plan, and I am happy to join him in advocating for fiscally sound decisions,” Lummis said. (RELATED: EXCLUSIVE: House Republicans Introduce Four Separate Bills Aimed At Saving Taxpayers Money On Education)
The National Taxpayers Union also endorsed the bill, Scott’s office told the Caller.
The Daily Caller contacted the Department of Education about the legislation, to which they did not immediately respond.