The House Republicans’ bill to raise the country’s debt limit was voted on this week, and if it is executed, it would have a direct effect on the dozens of Americans whose student debts were supposed to be forgiven.
Two key components of President Joe Biden’s student loan forgiveness proposal might be eliminated under the legislation: the one-time debt reductions for over 40 million Americans and the modified repayment option, which might have reduced monthly payments by half.
The $31.4 trillion debt ceiling might be raised by the 320-page law, which was approved by a narrow Republican majority, unless March 31, 2024, or till the debt climbs by $1.5 trillion. Chuck Schumer, the majority leader in the Senate, however, predicts that the bill would be deceased on delivery in the Democratic-controlled Senate.
“These policies and they are severe, absolutely nothing to do in a debate over preventing default,” Schumer stated throughout his remarks on the Senate floor on Wednesday.
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