President Biden's student loan forgiveness initiative has cleared a significant hurdle in the House, but its ultimate fate now rests with the Supreme Court. The House failed to override President Biden's veto of a bill designed to dismantle the $400 billion program. Republicans have criticized the plan, characterizing it as an unlawful transfer of student debt to taxpayers. Democrats, however, argue that the program offers crucial relief to millions of Americans, particularly those with lower incomes.

President Biden's student loan forgiveness plan will now go before the Supreme Court after surviving a House vote on Wednesday. (Julia Nikhinson/AFP via Getty Images)

During the House debate, Rep. Bobby Scott (D-Va.) emphasized that the plan could provide relief to approximately 43 million Americans, many of whom are struggling financially. Conversely, Rep. Virginia Foxx (R-N.C.) contended that the program unfairly burdens taxpayers. She criticized the plan as "hogwash" and accused the left of misleading the public about its implications.

The student loan forgiveness plan, spearheaded by President Biden and Education Secretary Miguel Cardona, was initially justified as a pandemic relief measure. (Bonnie Cash/UPI/Bloomberg via Getty Images)

The House vote effectively ends Congressional Republicans' efforts to terminate the program. The Congressional Review Act, which allows Congress to overturn recent executive branch actions, was the basis for the resolution. However, neither the initial House passage (218-203) nor the Senate vote (52-46) secured the two-thirds majority needed to override the presidential veto.

Rep. Bob Good (R-Va.) introduced the resolution to block the student loan forgiveness plan. While the resolution passed the House, it failed to garner enough support to override President Biden's veto. (Bill Clark/CQ-Roll Call Inc. via Getty Images)

President Biden has defended the program, citing the ongoing financial challenges faced by Americans in the wake of the COVID-19 pandemic. He stated that the program aims to provide up to $10,000 in debt relief to over 40 million Americans, with Pell Grant recipients eligible for up to $20,000. While the official COVID-19 emergency declaration has ended, Biden and other Democrats maintain that the relief is still necessary.

In his veto message, Biden criticized lawmakers for attempting to deny relief to their constituents, highlighting that some of these same lawmakers have benefited from federal loan forgiveness for their own businesses.