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Biden balks at $50K student loan forgiveness plan

Added 02-16-21 11:57:01pm EST - “President Biden on Tuesday? balked at forgiving $50,000 in student loan debt, saying he doesn't have the power to do so unilaterally.” - Thehill.com

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Posted By TheNewsCommenter: From Thehill.com: “Biden balks at $50K student loan forgiveness plan”. Below is an excerpt from the article.

President BidenJoe BidenMcConnell doesn't rule out getting involved in Republican primaries Perdue files paperwork to explore 2022 Senate run Hillicon Valley: Parler announces official relaunch | Google strikes news pay deal with major Australian media company | China central to GOP efforts to push back on Biden MORE on Tuesday balked at forgiving $50,000 in student loan debt, saying he doesn't have the power to do so unilaterally.

"I do think in this moment of economic pain and strain that we should be eliminating interest on the debts that are accumulated, number one. And No. 2, I'm prepared to write off the $10,000 debt, but not [$50,000]," Biden said, saying he doesn't believe it can be done with presidential action.

The White House previously said the Office of Legal Counsel was reviewing whether Biden could unilaterally cancel federal student loan debt.

That came after White House press secretary Jen PsakiJen PsakiSullivan is Biden's national security 'listener' Biden pledges action on guns amid resistance Biden finds a few Trump moves he'll keep MORE said Biden would sign a bill forgiving $10,000 of student loan debt if Congress passed a bill.

A group of Democratic lawmakers led by Senate Majority Leader Charles SchumerChuck SchumerSenate passes bill to award Capitol Police officer Congressional Gold Medal Trump lawyers center defense around attacks on Democrats Democratic norms aren't safe just because Biden won MORE (N.Y.) and Sen. Elizabeth WarrenElizabeth WarrenImpeachment managers wrap case with new warning on Trump Centrist Democrats pose major problem for progressives Overnight Energy: Biden faces calls to shut down Dakota Access pipeline | Hackers breach, attempt to poison Florida city's water supply | Daines seeks to block Haaland confirmation to Interior MORE (Mass.) reintroduced a measure earlier this month calling on Biden to forgive up to $50,000 in federally held student debt per borrower.

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