3 Democratic senators would like Biden to suspend student debt cancellation so they can push him to become big

Senate Majority Leader Charles Schumer, DN.Y., and Sen. Elizabeth Warren, D-Mass., are seen after the Senate Democrats Luncheon at the United States Capitol on Tuesday, Oct. 19, 2021.Tom Williams/CQ-Roll Call, Inc via Getty Images

  • The senses. Elizabeth Warren, Chuck Schumer and Raphael Warnock want Biden to suspend student debt cancellation, per Politico.

  • They want one last chance to meet Biden and urge him to move forward with widespread relief.

  • Biden recently said he doesn’t plan to pardon $50,000, which lawmakers have requested.

Three Democratic senators want President Joe Biden to go as far as possible with student loan relief – and that means urging him to wait before canceling any debt.

Politico reported Friday that Senators Elizabeth Warren, Chuck Schumer and Raphael Warnock are asking Biden to hold off on implementing any loan forgiveness via executive action until they can arrange a meeting with him, sources say. close to the file. Per Politico, the three lawmakers want one last chance to push Biden to go as far as possible with relief, following comments from the president that he isn’t considering canceling $50,000 in debt for federal borrowers.

“President Biden told the senator months ago that he wanted to meet about this issue, and the senator wants to make sure the president hears why Georgians want significant debt relief before the House Blanche takes action,” a spokesperson for Warnock told Politico.

Schumer and Warnock’s offices did not immediately respond to Insider’s request for comment, and a spokesperson for Warren declined to comment.

Schumer, Warnock and Warren have always called for $50,000 in relief, and they have long argued that canceling student debt is something Biden can and should do using his executive power. But Biden himself wasn’t so sure. While he pledged to endorse a $10,000 rebate during the campaign trail, he expressed hesitation about his authority to write off larger amounts of student debt early in his term. Now it looks like he thinks he has the power to enact broad relief, recently telling reporters that a decision on that will be made in the coming weeks, but that’s not clear how expansive it will be or whether it will be subject to income limits.

But as Warren and his colleagues argued, the more relief, the better. According to data obtained by Warren’s office and recently provided to Insider, while canceling $10,000 of student debt would cancel balances for one-third of borrowers, canceling $50,000 would wipe out debt for 72% of borrowers. borrowers, or 30 million Americans.

“The more President Biden cancels, the more we close the racial wealth gap between borrowers and the more boost Americans have to their economic future,” Warren said in a statement. “It’s the right thing to do.”

Read the original article on Business Insider


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