If those in Congress attempt to revoke this action, it could reflect negatively on them because their student debt-holding constituents would no doubt like to see the amount of their debts reduced. Biden’s Executive Action is a very tricky one to navigate for the upcoming election in November.
But forgiveness of that debt doesn’t mean that it magically goes away. Free stuff from the government is never free. That student debt was funded via US Treasury notes. Somebody will have to continue paying the interest on those notes – and that somebody is the American taxpayers. Forgiving student debt merely transfers the loan payments from the person who benefitted, to the federal government – which means us. A larger portion of our federal taxes will be diverted away from things like defense and infrastructure, to pay for someone else’s loan.