Biden Mulling Student Debt Cancellation of $10K Per Borrower
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President Joe Biden plans to move forward with student loan debt forgiveness, with sources saying he’s considering executive action to cancel at least $10,000 per borrower.
According to Bloomberg, which first reported the news, the move comes as Biden looks for ways to increase voter enthusiasm ahead of the midterm elections.
Biden has said that he’s not open to the $50,000 in debt forgiveness that many Democrats have called for.
“I am not considering $50,000 debt reduction, but I’m in the process of taking a hard look at whether or not there are going to be additional debt forgiveness,” Biden said, adding that he’ll have an answer “in the next couple of weeks.”
While some of Biden’s critics say $10,000 isn’t enough, others say it’s too much and will worsen the already devastating inflation.
“Desperate polls call for desperate measures: Dems consider forgiving trillions in student loans,” Sen. Mitt Romney (R-UT) wrote on Twitter. “Other bribe suggestions: Forgive auto loans? Forgive credit card debt? Forgive mortgages? And put a wealth tax on the super-rich to pay for it all. What could possibly go wrong?”