Biden accused of 'shredding the Constitution' with new student loan bailouts: 'A stunning act of contempt'

Fox News legal analyst Gregg Jarrett reacted on "Fox & Friends" to President Biden's plan to push sweeping student loan bailouts on the campaign trail. Jarrett said Biden's new plans for student debt forgiveness are still unconstitutional and will transfer billions of dollars to taxpayers.

MORE STUDENT LOAN FORGIVENESS IS ON THE HORIZON, AS U.S. COLLEGES COMMIT TO COST TRANSPARENCY

GREGG JARRETT: They're inventing a different, runaround, the Supreme Court decision. In so doing, Joe Biden is brazenly defying the law, and then he has the audacity, the arrogance to brag about it, admitting recently, yes, the Supreme Court blocked my plan, it's illegal. But then he said, quote, that won't stop me. You know, no amount of lawlessness is beyond Joe Biden by dictate. What he's really doing is shredding the Constitution. He changed his method of loan forgiveness in the latest plan. But the same legal principles that make it unconstitutional, still apply. He's not canceling anything, he's transferring billions of debt from borrowers to taxpayers and under the Constitution, only Congress has the power to do that, as the Supreme Court explained in their decision. So this is a stunning act of contempt. Biden says he doesn't care about the separation of powers, the law or the Constitution. So I sort of ask you here: who's the dictator? Who's the threat to democracy? 

President Biden delivers remarks regarding student loan debt forgiveness in the Roosevelt Room of the White House on Wednesday August 24, 2022. (Photo by Demetrius Freeman/The Washington Post via Getty Images)(Demetrius Freeman/The Washington Post via Getty Images)

The court has struck down multiple versions of Biden's plans for a student loan bailout, and 11 Republican-led states filed a lawsuit against the version he announced in February. The new Biden plan is expected to affect up to 30 million Americans, who will see sizable portions of their student debt slashed before the November election, according to the Wall Street Journal.

Biden is scheduled to unveil the plan during a public event in Wisconsin on Monday.

The plan's central pillar focuses on cutting loans that have exceeded their principal amount due to interest. It would cut up to $20,000 in accrued interest while borrowers who make less than $120,000 or couples who make less than $240,000 would be allowed to cut all of their accrued interest beyond the principal amount, WSJ reported.

The result would see roughly 23 million Americans having their loans cut down to the principal amount.

The plan would further cancel debt for borrowers who have held onto their loans for decades without fully paying them off. The forgiveness would apply to any undergraduate debt lasting more than 20 years and any graduate debt lasting more than 25 years, according to WSJ.

Fox Business' Anders Hagstrom contributed to this report.

This article was written by Fox News staff.