Sen. Rick Scott Leads Legislation to Stop Biden’s Mass Debt Cancellation at Expense of Taxpayers

January 25, 2023

WASHINGTON, D.C. – Today, Senator Rick Scott, joined by Senators Cynthia Lummis, Mike Braun, John Barrasso and Marsha Blackburn reintroduced legislation to prevent the Biden administration from enacting an overreaching, fiscally irresponsible blanket cancellation of student loans. The Debt Cancellation Accountability Act will require the U.S. Department of Education to obtain an express appropriation from Congress to pay for any federal student loan debts the Department proposes to waive, discharge, or otherwise reduce whenever granted to two or more borrowers in an amount greater than $1,000,000, rather than on a case-by-case basis. 


Senator Rick Scott said, “Our nation is facing a staggering $31 trillion worth of debt and we have closed in on the debt ceiling, yet the Biden administration is still attempting to cancel millions of dollars in student loans. This is just another example of how far he will go to appease the radical left. The reality is, a blanket forgiveness of student loans only benefits a small percentage of the population at the expense of millions of other hardworking Americans. Those who have saved to pay for the education they chose to get, or have no debt at all because they chose a valuable career that doesn't require a college degree, shouldn't be on the hook to bail out folks that voluntarily took on debt and now want someone else to pay for it. That's not how the real world works. Our legislation, the Debt Cancellation Accountability Act, will hold this administration accountable to American taxpayers by requiring Congressional approval for any mass cancellation of student debt. When I was governor of Florida, we focused on solving the real problem behind massive student loan debt: the rising cost of higher education. Biden should do the same.”


Senator Cynthia Lummis said, “It is lunacy that the Biden administration believes that people in Wyoming should fund his student loan bailout. It is unconstitutional and it is unfair. Thank you to Senator Rick Scott for introducing this important legislation.”


Senator Mike Braun said, “The Biden administration can’t ‘cancel’ student loans. They will simply shift the debt of disproportionally higher-earning borrowers onto every American. I’m glad to join Senator Scott on the Debt Cancellation Accountability Act to prevent the Biden administration from such mass executive overreach.”


Senator John Barrasso said, “President Biden’s attempt to cancel millions of dollars in student loans undercuts hardworking Americans who are responsibly paying off their debt. The country is still feeling the pain of record high prices and these misguided proposals from the radical Democrats only make things worse. Our bill will hold the administration accountable and make sure no taxpayer in Wyoming or across the country is stuck paying off someone else’s student loans.”


Senator Marsha Blackburn said, “Since President Biden took office, prices have risen 13.7%, inflation has been above 6% for 15 consecutive months, and the U.S. debt has reached over $30 trillion for the first time in history. Meanwhile, his administration seems to have no self-awareness as they push their student loan forgiveness that would only make things worse. Tennesseans should not be forced to pay for coastal elites to get their PhD in gender studies. The Debt Cancellation Accountability Act is critical to stopping Biden’s massive overreach and protecting taxpayers’ hard-earned dollars.”