Senate Votes Down Student Loan Relief, Here's What You Need to Know.

The Senate voted to block President Biden's plan to cancel up to $20,000 in student loan debt for borrowers. The vote was largely along party lines, with all Republicans and two Democrats voting against the measure. The White House has said that Biden will veto the resolution, but it is unclear whether he has the votes to override the veto.

The vote could dampen consumer spending, as borrowers who were expecting student loan relief may now have to make larger monthly payments. It could also make it more difficult for borrowers to buy homes or cars, as they will have less disposable income. The vote could also lead to increased defaults on student loans, as borrowers who are struggling to make payments may be forced to do so.

Overall, the vote down of student loan relief is a setback for borrowers and could have a negative impact on the broader economy. It remains to be seen whether Biden will be able to override the veto and provide relief to borrowers, but the vote has certainly made it more difficult.

In addition to the vote, here are some other things to consider:

• The vote is a sign of the deep partisan divide in Congress on the issue of student loan debt.
• It also raises questions about Biden's ability to deliver on his campaign promises, as he had pledged to cancel $10,000 in student loan debt for borrowers.
• The vote could have a ripple effect on the economy, as it could lead to lower consumer spending and increased defaults on student loans.

Ultimately, the vote down of student loan relief is a disappointment for borrowers and a setback for the economy. It remains to be seen what the future holds for student loan debt relief, but the vote has certainly made it more difficult to achieve.

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