n this Q&A, senior fellows John F. Cogan and Michael McConnell discuss the US Supreme Court amicus brief they filed, along with scholars Christopher DeMuth and Peter Wallison, in Biden v. Nebraska, in which Nebraska and a number of states challenge the constitutionality of President Biden’s decision to forgive more than $400 billion worth of federal student loans taken out by 43 million Americans.

Providing relevant historical examples, Cogan and McConnell argue that the Biden administration’s action is an encroachment of Congress’s sole authority over the “power of the purse” (the appropriation of money) as defined by the US Constitution.