Biden vetoes bill canceling his $400 billion student loan handout, vows he’s ‘not going to back down’

Biden vetoed a bill on Wednesday that would have eliminated his $400 billion student loan giveaway and promised he wouldn’t “back down” in the face of the debt forgiveness for millions of college students across the nation.

“Folks. Republicans in Congress have led an effort in blocking my administration’s plans to provide student debt relief up to $10,000 and up to $20,000. This is for those who received Pell Grants. Biden stated in a Twitter video that nearly 90% of the relief dollars went to people earning less than $75,000 per year.

“I will not give up on my commitment to helping tens and millions of middle-class families.” “I’m vetoing this bill” he said.

Biden did not mention the two Democratic Senators, Joe Manchin (D-W.Va.) and Jon Tester (D-Mont. ), who voted with all Republicans to pass the bill last Thursday. Kyrsten Sinesma, an independent Arizona senator, also voted for the bill. The final vote count was 52-46.

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Biden did not mention Rep. Jared Golden (D-Maine) and Rep. Marie Gluesenkamp Perez (D-Washington), who voted with Republicans for the bill at the House of Representatives. The final House vote was 218 to 203.

The president continued to state that many of the members who supported the bill “personally obtained loans to keep their small businesses afloat throughout the pandemic” and “supported huge tax cuts for corporations, and the wealthy.”

“But when hardworking Americans are trying to advance, they draw the line on student debt relief. “I think it’s incorrect,” he said.

“Let’s be clear: I will never apologize for helping middle-class and working Americans recover from the pandemic. “Never,” he said before signing the bill he vetoed.

Biden’s fifth veto is his first since taking office.

Biden announced a program last year that would allow him to cancel student loans up to $10,000 for those earning less than $125,000 and up to $20,000. This also included students receiving Pell Grants. The program was estimated to cost the federal government $400 billion in debt repayment. However, it was put on hold by a court after a ruling was made.

The House and Senate resolution was drafted under the Congressional Review Act. This allows Congress to reject an executive branch’s policy, as long as the House passes a resolution disapproving that policy.

It’s unlikely that Congress can find the two thirds majority required in each chamber in order to override Biden veto.