President Joe Biden will reportedly ditch student loan forgiveness from the budget this week, breaking a campaign promise to far-left Democrats.
“The idea that you go to Penn and you’re paying a total of 70,000 bucks a year and the public should pay for that? I don’t agree,” Biden said to the New York Times on May 20 about his suspicion over college debt forgiveness.
The report of Biden reneging on his campaign promise to cancel $10,000 in school loans may infuriate the likes of Sens. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer, along with Rep. Alexandria Ocasio-Cortez (R-NY), who have pushed Biden to forgive up to $50,000 in debt.
“We’ve got the *Senate Majority Leader* on board to forgive $50k. Biden’s holding back, but many of the arguments against it just don’t hold water on close inspection,” Ocasio-Cortez tweeted.
The case against student loan forgiveness is looking shakier by the day.
We’ve got the *Senate Majority Leader* on board to forgive $50k. Biden’s holding back, but many of the arguments against it just don’t hold water on close inspection.
We can and should do it. Keep pushing!
— Alexandria Ocasio-Cortez (@AOC) February 17, 2021
“Canceling student loan debt is the single most effective executive action that President Biden can take to kickstart this economy,” Warren has said.
White House press secretary Jen Psaki stated in March Biden was “exploring options” about canceling student loan debt.
“The President continues to call on Congress to cancel $10,000 in debt for student loan borrowers,” she said. “That’s something Congress could take an action on, and he’d be happy to sign.”
Republicans are concerned canceling student loan debt may disproportionately benefit wealthy Americans.
Fox Business reported that “erasing all student loan debt would distribute $192 billion to the top 20% of earners in the U.S., but just $29 billion to the bottom 20% of U.S. households.”