{"id":5404,"date":"2023-09-06T05:05:35","date_gmt":"2023-09-06T05:05:35","guid":{"rendered":"https:\/\/wifamily.news\/?p=5404"},"modified":"2023-09-06T15:26:16","modified_gmt":"2023-09-06T15:26:16","slug":"wisconsin-u-s-senator-ron-johnson-introduces-resolution-to-overturn-bidens-next-reckless-student-loan-bailout","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=5404","title":{"rendered":"Wisconsin U.S. Senator Ron Johnson Introduces Resolution to Overturn Biden\u2019s Next \u2018Reckless\u2019 Student Loan Bailout"},"content":{"rendered":"

This post originally appeared at https:\/\/wisconsindailystar.com\/news\/wisconsin-u-s-senator-ron-johnson-introduces-resolution-to-overturn-bidens-next-reckless-student-loan-bailout\/mkittle\/2023\/09\/06\/<\/a><\/p>\n

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U.S. Senator Ron Johnson (R-WI) joined 18 of his Republican colleagues on Tuesday in introducing a Congressional Review Act resolution of disapproval.<\/p>\n

The CRA aims to end President Joe Biden\u2019s latest end-around to the U.S. Supreme Court\u2019s ruling this summer striking down the administration\u2019s original student loan bailout.<\/p>\n

Biden\u2019s income-driven repayment (IDR) rule, billed as the Saving on a Valuable Education repayment (SAVE) plan<\/a>, is estimated to cost taxpayers nearly half a trillion dollars over the 10-year-budget window, according to the Penn Wharton Budget Model<\/a>.<\/p>\n

Biden announced the final rule on June 30, following the U.S. Supreme Court ruling that struck down the administration\u2019s unconstitutional student debt forgiveness program that attempted to transfer hundreds of billions of dollars in student loan debt onto the taxpayers\u2019 tab.<\/p>\n

Johnson called Biden\u2019s latest scheme \u201cgrossly unfair to families who did not send their kids to college and to those who paid off their student debt.\u201d<\/p>\n

\u201cI hope my colleagues on both sides of the aisle will join us in halting this unfair policy,\u201d the senator said.<\/p>\n

The IDR rule:<\/p>\n

    \n
  1. Reduces monthly payments from 10 percent to 5 percent of an undergraduate borrowers\u2019 discretionary income.<\/li>\n
  2. Raises the assumed amount of expenses to 225 percent of the Federal Poverty Line from 150 percent, increasing the likelihood that a borrower would have an expected loan payment of zero. An individual would need an income above $32,805 before being expected to pay anything.<\/li>\n
  3. Stops charging unpaid monthly interest. Currently, if a monthly payment does not fully cover accrued interest, half of the remaining interest accrual is added to the balance of the loan.<\/li>\n
  4. Reduces the maximum time period necessary for loan forgiveness from 20 years to 10 years for borrowers with loan balances of $12,000 or less.<\/li>\n
  5. Lacks any guardrails to prevent households making over $250,000 a year from collecting taxpayer-funded assistance if they file taxes separately.<\/li>\n<\/ol>\n

    Undeterred by the Supreme Court ruling, the Biden administration defiantly rolled out its new bailout.<\/p>\n

    Biden\u2019s Department of Education has touted the\u00a0Saving on a Valuable Education repayment plan<\/a> as the \u201cmost affordable repayment plan ever,\u201d saving borrowers thousands of dollars a year.<\/p>\n

    But it comes at a cost.<\/p>\n

    Critics say the debt relief program is inherently unfair.<\/p>\n

    \u201cOnce again, Biden\u2019s newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way, or already responsibly paid off their loans,\u201d Sen. Bill Cassidy (R-LA), said in a statement.<\/p>\n

    A companion resolution has been introduced in the House.<\/p>\n

    The resolution needs only a simple majority to pass in both houses of congress, but even if a few Democrats go along in the Senate, Biden would surely veto the attempt at dismantling his latest big government spending initiative.<\/p>\n

    \u2013 \u2013 \u2013<\/p>\n

    M.D. Kittle is the National Political Editor for The Star News Network.<\/strong><\/em><\/p>\n

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    The post Wisconsin U.S. Senator Ron Johnson Introduces Resolution to Overturn Biden\u2019s Next \u2018Reckless\u2019 Student Loan Bailout<\/a> appeared first on The Wisconsin Daily Star<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    This post originally appeared at https:\/\/wisconsindailystar.com\/news\/wisconsin-u-s-senator-ron-johnson-introduces-resolution-to-overturn-bidens-next-reckless-student-loan-bailout\/mkittle\/2023\/09\/06\/ U.S. Senator Ron Johnson (R-WI) joined 18 of his…<\/p>\n","protected":false},"author":77,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-5404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-daily-star"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5404"}],"version-history":[{"count":1,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5404\/revisions"}],"predecessor-version":[{"id":5405,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5404\/revisions\/5405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/3495"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}