WASHINGTON — President Joe Biden on Wednesday vetoed a resolution that would have blocked his plan to forgive more than $400 billion in student loans.
In a statement on Wednesday, the president said the resolution would have kept millions of Americans from receiving “the essential relief they need as they recover from the economic strains associated with the COVID-19 pandemic.”
Biden’s plan proposed eliminating $10,000 of federal student debt for borrowers earning up to $125,000 annually, or $250,000 for married couples, according to the newspaper. Recipients of Pell Grants were eligible for an additional $10,000 in forgiveness under the plan.
The Senate approved the resolution by a 52-46 margin on June 1, a week after the House passed the measure by a 218-203 margin, The Washington Post reported. The measure, put forth by Republicans, passed with support from some moderate Democrats, according to CNN.
Two Democrats — Sens. Joe Manchin of West Virginia and Jon Tester of Montana -- along with independent Kyrsten Sinema of Arizona — joined with Republicans to approve the resolution in the Senate, the Post reported.
In the House, two Democrats — Reps. Jared Golden of Maine and Marie Gluesenkamp Perez of Washington — voted with Republicans.
“It is a shame for working families across the country that lawmakers continue to pursue this unprecedented attempt to deny critical relief to millions of their own constituents,” Biden said in his statement.
The student loan forgiveness program is still facing legal challenges in the courts, and the Supreme Court is expected to issue a ruling on the legality of the plan before the end of June, the Post reported.
Since it is unclear when the Supreme Court will issue its ruling, the latest the pause will be lifted is Aug. 29 -- 60 days after June 30, per the agreement made over the debt ceiling bill. The bill states that payments will resume no later than Sept. 1.
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