Senate majority leader Schumer is going with the bigger cut which other candidates running against Biden for the Democratic nomination pledged ….
Biden has never embraced the higher figure choosing a more modest $10,000 write off….
As President Biden can decide whatever amount he wants to absolve those who own student loans have to pay back….But he wants Congress to take the lead on this…It is doubtful Congress will agree to do so….
Trump already wiped out student loan debt for veterans….
Biden wiping out the student loan debt could drop billions back into the economy , but is opposed by some who have already paid off their loans…
Senate Majority Leader Chuck Schumer and the White House are divided over how to move forward in the coming months on a key progressive priority: canceling large swaths of the outstanding $1.5 trillion of federal student loan debt.
The conflict forecasts a looming fight over student loan forgiveness that could be a major test of how far progressives can push President Joe Biden, who has sought to cast himself as a bipartisan dealmaker and unifier.
Biden advisers have repeatedly said they prefer to seek congressional approval to forgive at least $10,000 of debt per borrower, a campaign promise. But Schumer is ramping up efforts to convince the White House to move more quickly and cancel $50,000 of student loan debt per borrower “with the flick of a pen” through executive action.
That pressure from the top Senate leader from Biden’s own party appeared to draw a response from the White House on Thursday. A spokesperson said for the first time that administration officials were entertaining the possibility of executive action on the issue but also reiterated their goal of passing legislation….