The Senate passed a bipartisan debt limit measure and it is now working until the bill is done: Senator Chuck Schumer and the House Majority Leader Chuck Sinema
The Senate took another action on student loan debt on Thursday, passing a bipartisan bill to lift the national debt ceiling. That new legislation sets the date for resuming federal student loan repayments, which have been on hold since March 2020.
Senate Majority Leader Chuck Schumer kicked off the legislative session on Thursday by warning senators they would stay until they voted on the measure.
“The bill is now in the Senate, where we begin the process today of passing this legislation as soon as possible,” Schumer said. The Senate will stay in session until a bill is sent to the president. We will keep working until the job is done.”
On Thursday, the Senate spent much of the day trying to broker a deal among the chamber’s 100 members to speed up the voting schedule. But Senate leaders expressed confidence it would pass.
To speed up the voting schedule, leaders and rank-and-file senators were trying to reach an agreement on how many amendments would be considered before a final vote on the debt limit bill. However, Schumer warned none of the amendments could be adopted without raising the potential of default.
Two moderate Democrats — Sens. Joe Manchin of West Virginia and Jon Tester of Montana — sided with the Republicans to vote in favor of the bill. An independent senator from Arizona, Sinema also voted in favor.
Graham thinks that the legislation doesn’t allocate enough money for defense andUkraine aid. Sanders has argued the plan raises new concerns about threats to climate change.
The Democrats Passed McCarthy’s Social Responsibility Measure (Semi)Defend a Higher-Centric Higher-Order Student Loan Relief
With his narrow control of the chamber, McCarthy saw the plan win support among majorities of both parties. And ultimately, Democrats played a larger role than Republicans in its passage: 165 Democrats joined 149 Republicans to approve the bill.
The package includes spending changes and increases the debt ceiling for two years.
The Senate floor had a statement about the deal the House passed last night. There is still more to be done. The fight to reel in wasteful spending is far from over.”
The Senate passed legislation that would cause the president to veto the repeal of the student loan relief plan.
The relief plan, which would cancel up $20,000 in federal student loan debt for tens of millions of Americans, has been tied up in the courts for months. A Supreme Court ruling that could block the plan is expected by early July.
The Congressional Review Act allows Congress to reverse executive orders, but only if they have a majority in both the House and Senate. But it still requires a two-thirds majority to override a presidential veto, and Republicans aren’t expected to have the numbers.
Republicans have offered fierce opposition from the outset, calling the plan an enormously expensive handout. The nonpartisan Congressional Budget Office estimated it would cost taxpayers roughly $400 billion.
An End to the Payout Pause: The End of the Student Loan Borrowing Crisis and the Biden Administration’s Supermajority Cuts
All federal student loan borrowers will now be expected to start making payments again after August 29. Their loans will accrue interest on that date.
After five extensions, this appears to be the final end to the repayment pause: The debt deal prohibits the education secretary from making extensions without congressional approval.
With Biden’s veto of the Senate’s standalone legislation, the fate of the broader federal student loan debt relief remains in the hands of the Supreme Court.
It was last August that Biden said he would cancel up to $20,000 of debt for any person who received a Pell grant to attend college and up to $10,000 for federal borrowers.
The president was sued by a coalition of conservative states who claim he overstepped his powers.
The HEROES Act gives the Department of Education power to forgive student loan debt during a national emergency, according to the Biden administration.