Lawmakers Act as Biden Admin Plans to Let Ukraine off the Hook for Massive Debt to Americans
The Biden administration told Congress it plans to cancel $4.65 billion in debt owed by Ukraine, approximately half of an economic loan offered earlier this year.
State Department spokesperson Matthew Miller confirmed the plans in a briefing on Wednesday. “So we have taken the step that was outlined in the law to cancel those loans, provide that economic assistance to Ukraine,” he said.
In April, Congress passed a supplemental funding package that earmarked $60 billion worth of aid for Ukraine, including $9 billion structured as a loan, with a provision that allowed the administration to forgive it, according to Miller.
Miller added that Congress could pass a resolution of disapproval to overturn the cancellation. Rep. Thomas Massie, R-Ky., introduced such a resolution on Wednesday night. Sen. Rand Paul, R-Ky., immediately said he would introduce a resolution to block the measure.
Such a resolution is unlikely to pass a Democratic-controlled Senate, and President Biden could veto it. The supplemental funding package gave the administration the power to forgive 50% of the loan, and the remaining 50% could be forgiven after January 2026. (Read more from “Lawmakers Act as Biden Admin Plans to Let Ukraine off the Hook for Massive Debt to Americans” HERE)
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