Opponents say the resolution could have devastating effects on student borrowers nationwide.
But the CRA—which Biden said he would veto on arrival—would also end the Biden administration's sixth consecutive pause on student loan payments, which is currently anticipated to expire in August.estimated the plan has cost taxpayers $5 billion a month in uncollected fees for a total estimated balance of $195 billion by the time the current Biden extension was set to expire in August of 2023.
Senate Finance Committee member Sen. Bill Cassidy questions U.S. Treasury Secretary Janet Yellen during a hearing about the Biden Administration's FY2024 federal budget proposal before the committee in the Dirksen Senate Office Building on Capitol Hill on March 16, 2023, in Washington, D.C. Cassidy championed a resolution in the Senate overturning Biden's student loan debt plan..
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