• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsThe Biden administration

Biden vetoes bill that would have canceled his plan to forgive student debt

By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
June 8, 2023, 5:56 AM ET
President Joe Biden speaks during a cabinet meeting at the White House, on June 7, 2023, in Washington.
President Joe Biden speaks during a cabinet meeting at the White House, on June 7, 2023, in Washington. Evan Vucci—AP

President Joe Biden on Wednesday vetoed legislation that would have canceled his plan to forgive student debt.

Recommended Video

The measure had been pushed by Republicans, but it garnered a handful of Democratic votes in the Senate as well.

“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,” Biden said in a statement when announcing his veto.

Despite the veto, Biden’s plan still isn’t secure. The U.S. Supreme Court, which is dominated by a conservative majority, is reviewing a legal challenge that could eliminate the program. A decision is expected this summer.

If enacted, Biden’s plan would forgive up to $20,000 in federal student loan debt for borrowers making less than $125,000 per year.

Student loan payments were paused at the beginning of the COVID-19 pandemic. However, they will resume in August for anyone whose debt is not wiped out by Biden’s plan.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Authors
By Chris Megerian
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

trump
PoliticsWhite House
‘I’d love to keep that a secret, Mr. President’: Trump’s boasts about Iran rescue flummox top advisors
By Jonathan J. Cooper, Konstantin Toropin, Farnoush Amiri and The Associated PressApril 7, 2026
1 hour ago
iran
PoliticsIran
Iran’s president says 14 million have offered to risk their lives just to stand up to Trump
By Bassem Mroue, David Rising, Samy Magdy and The Associated PressApril 7, 2026
1 hour ago
Peter McCrory, head of economics, Anthropic.
Big TechMarkets
Anthropic economics chief talks about the jobs that could be killed by AI
By Jim EdwardsApril 7, 2026
4 hours ago
AP
AIMedia
Associated Press starts offering buyouts to newspaper journalists amid wider AI transformation
By David Bauder and The Associated PressApril 6, 2026
16 hours ago
altman
AIdisruption
Sam Altman’s big pitch to fix the big AI mess sounds like Jamie Dimon’s: a 4-day workweek and a big new tax on rich people like him
By Jake AngeloApril 6, 2026
17 hours ago
A construction site sits to the right of the White House
PoliticsWhite House
A $400 million ballroom was just the beginning. Now, Trump plans to spend $174 million more on renovations
By Jacqueline MunisApril 6, 2026
17 hours ago

Most Popular

The U.S. military set up an improvised airfield deep inside Iran to rescue the F-15 airman. Marines just practiced building one in the desert
Politics
The U.S. military set up an improvised airfield deep inside Iran to rescue the F-15 airman. Marines just practiced building one in the desert
By Fortune EditorsApril 5, 2026
2 days ago
During the rescue of the F-15 airman in Iran, the U.S. military blew up two of its own transport planes that had to be left behind
Politics
During the rescue of the F-15 airman in Iran, the U.S. military blew up two of its own transport planes that had to be left behind
By Fortune EditorsApril 5, 2026
2 days ago
Millions of Americans paid billions in tariffs later ruled illegal — and they won't see a dime back
Commentary
Millions of Americans paid billions in tariffs later ruled illegal — and they won't see a dime back
By Fortune EditorsApril 6, 2026
1 day ago
Sam Altman says AI superintelligence is so big that we need a ‘New Deal.’ Critics say OpenAI’s policy ideas are a cover for ‘regulatory nihilism’
AI
Sam Altman says AI superintelligence is so big that we need a ‘New Deal.’ Critics say OpenAI’s policy ideas are a cover for ‘regulatory nihilism’
By Fortune EditorsApril 6, 2026
16 hours ago
Current price of oil as of April 6, 2026
Personal Finance
Current price of oil as of April 6, 2026
By Fortune EditorsApril 6, 2026
1 day ago
Current price of silver as of Monday, April 6, 2026
Personal Finance
Current price of silver as of Monday, April 6, 2026
By Fortune EditorsApril 6, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.