“arguing that it would help close the racial wealth gap and boost the economy”
What about the people who are owed this money? Biden is supposed to wave them away with a signature?
NBC News reports:
Senate Democrats plead with Biden to erase student debt with executive order
Senate Democrats on Monday urged President Joe Biden to use his executive powers to cancel up to $50,000 in student debt following the passage of the $1.9 trillion Covid-19 relief package, which included a provision to make student loan forgiveness tax-free until 2025.
Senate Majority Leader Chuck Schumer, D-N.Y., joined Democratic Sens. Elizabeth Warren, of Massachusetts, and Bob Menendez, of New Jersey, to highlight the provision of the relief bill and said it clears the way for the Biden administration to use existing executive powers to cancel student debt for millions of borrowers.
Their collective pleas underscores that Democrats likely lack the votes to erase student debt by passing legislation, which would require at least 10 Republicans in the Senate.
Schumer said some opponents of canceling student debt have tried to argued taxing loan forgiveness would make the relief moot.
“Even some in the Biden administration are making that argument but now that argument goes away,” Schumer said.
The tax-fee provision will affect 100,000 students in repayment programs that offer forgiveness and will apply to future efforts to forgive student loans, Schumer said. Cancellation, he said, would offer millions of borrowers relief.
Democrats in both chambers of Congress have been renewing calls for Biden to make student loan debt forgiveness a top priority, arguing that it would help close the racial wealth gap and boost the economy.
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