Senate Democrats Want Biden to Cancel Student Debt Through Executive Order
“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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Comments
One more example of Democrats assisting the irresponsible by burdening those who played by the rules..
Do it..Do it. Then let a student borrow money for college.
They want to be grown ups but not have the responsibilities associated with it. They signed a contract. They knew the deal. The rest of us shouldn’t have to pay for their poor choices.
Not how it works, kids. Next.
I thought we already figured out student loan debt primarily helps the wealthy? Actual graduates that come from middle/lower income households pay back their debt. It is the progeny of the wealthy who claim they cannot pay.
Portland would be a better place if all of those who weren’t paying their rent were forced to leave town.