Six Republican-lead states are suing the Biden Administration for the billions in student debt cancellation Joe proposed in an attempt to gain some “Joe-mentum” leading into midterms. The only problem: it may not be legal and could have devastating effects on an already-struggling economy.
From The Washington Times:
“The economy is not well,” reads the lawsuit filed in federal court in Missouri. “And there is no sign of relief.”
The Biden administration announced in August plans to cancel $10,000 to $20,000 of student debt per borrower for those who make less than $125,000 a year — or $250,000 for married couples.
“In addition to being economically unwise and downright unfair, the Biden Administration’s Mass Debt Cancellation is yet another example in a long line of unlawful regulatory actions. No statute permits President Biden to unilaterally relieve millions of individuals from their obligation to pay loans they voluntarily assumed,” reads the 36-page lawsuit.
The attorneys general from Arkansas, Nebraska, South Carolina, Missouri and Kansas are asking the court to pause the action, arguing the proposal exceeds presidential authority and would violate the Constitution and federal law. Iowa joined the lawsuit through its Republican governor.
More over at The Washington Times: