Biden to Take Action on Student Debt Forgiveness
On Thursday morning, President Joe Biden said he is seriously looking into student debt forgiveness, but it wont go as far as some Democrats in Congress want.
“I am considering dealing with some debt reduction. I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there will be additional debt forgiveness,” Biden said from White House.
Broad debt forgiveness had long been off the table, but with approval numbers sinking and vulnerable Democrats in a panic before midterms, Biden has recently warmed to the idea.
He has signaled openness to cancellation in the $10,000 area, though that amount is still unlikely to generate enough support in Congress to pass. As a result, Democrats have encouraged Biden to use an executive action to wipe out debt independently.
Republicans accuse Democrats advocating for widespread cancellation of using the move as a play for votes.
“Dems consider forgiving trillions in student loans,” tweeted Sen. Mitt Romney (R-UT). “Other bribe suggestions: Forgive auto loans? Forgive credit card debt? Forgive mortgages?”