The US Senate approved a House-passed resolution on Thursday that would block President Joe Biden's student loan forgiveness program and terminate the pause on federal student loan payments
WASHINGTON (Pakistan Point News / Sputnik - 01st June, 2023) The US Senate approved a House-passed resolution on Thursday that would block President Joe Biden's student loan forgiveness program and terminate the pause on Federal student loan payments.
The Senate passed the measure with a 52-46 vote, sending it to Biden's desk.
Biden already vowed that he will veto the measure.
Biden's student loan forgiveness program would cancel up to $20,000 in debt for borrowers who earned an annual income of under $125,000 as individuals or married couples with an annual income of $250,000. The Supreme Court is slated to issue a ruling later this month on challenges contesting the legality of the program.
The pause on student loan payments has been extended eight times since March 2020 as part of COVID relief efforts. However, the Biden-McCarthy debt ceiling deal includes a provision that would resume student loan payments 60 days after June 30.
The Senate is currently working on the debt limit and federal spending bill, which passed the House of Representatives Wednesday evening, before the United States risks defaulting on its debt as early as June 5.
US Senate Republican leader Mitch McConnell previously said the United States will not default on its debt.
