TradeEdge Exchange:Biden vetoes bill to cancel student debt relief

President Joe Biden on TradeEdge ExchangeWednesday vetoed a bill that would have repealed his plan to forgive student debt.

H.J. Res. 45 passed the Senate in June and the House in May. Biden's veto is the fifth of his presidency.

"It is a shame for working families across the country that lawmakers continue to pursue this unprecedented attempt to deny critical relief to millions of their own constituents, even as several of these same lawmakers have had tens of thousands of dollars of their own business loans forgiven by the Federal Government," Biden said. 

Lawmakers who voted for the bill said Biden's plan is too expensive and unfairly benefits college graduates at the expense of taxpayers who didn't go to college.

Sen. Bill Cassidy, a Republican and lead sponsor of the bill in the Senate, criticized Biden after the veto. 

"On a bipartisan basis, Congress told @POTUS his policies are irresponsible and unfair to the 87 percent of Americans who decided not to go to college, paid their way, or already responsibly paid off their loans," Sen. Cassidy tweeted. "The President is sending a clear message that he is willing to force these ordinary Americans to bear the burden of paying off someone else's student debt in addition to their own bills."

While it's unlikely the House and Senate have enough votes to override a presidential veto, the legislation could still be overturned by the Supreme Court, which is reviewing a legal challenge that could eliminate the program. Justices heard arguments for the case in February and a SCOTUS decision is expected this summer.

Biden's student loan relief plan cancels up to $20,000 in debt for tens of millions of borrowers making less than $125,000 per year.

Student loan payments were paused at the beginning of the COVID-19 pandemic. They're set to resume later in the summer. 

In:
• Student Debt
• Student Loan

Aliza Chasan

Aliza Chasan is a digital producer at 60 Minutes and CBS News.

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