Rep. Murphy Introduces Bill to Stop Biden from Canceling Student Loans Activists hold signs as they attend a student loan forgiveness rally near the White House. (Anna Moneymaker/Getty Images)
By Solange Reyner | Friday, 06 May 2022 06:14 PM
Rep. Greg Murphy, R-N.C., on Friday introduced a bill that would halt President Joe Biden from canceling federal student loans for millions of Americans.
Biden floated the possibility last week of eliminating $10,000 in debt per borrower, likely through executive action.
"President Biden often trumpets the line of wanting high-income Americans to 'pay their fair share'", said Murphy. "If Biden really believed that, he would start by requiring them to pay their own student loans. What progressives fail to acknowledge is that there is no such thing as canceling or forgiving student loans, they're just shifting the responsibility to hardworking taxpayers. The fact is, most Americans do not have college degrees, and it is reprehensible to force low-and middle-income families to bail out Ivy League graduates. I'm proud to be working with my Senate counterparts to protect taxpayers and prevent Biden from unfairly and unlawfully canceling student debt."
Murphy's bill, the "Stop Reckless Student Loan Actions Act," would also limit how long the president can suspend student debt payments and increase congressional authority and oversight over the process.
The bill was co-sponsored by South Dakota Rep. Dusty Johnson and Wisconsin Rep. Mike Gallagher.
Many progressives have urged Biden to cancel $50,000 in outstanding federal debt per borrower. Erasing $10,000 per borrower would require the government to cancel about $321 billion in federally backed loans, according to the Federal Reserve Bank of New York.