Schumer calls on Biden to bypass Congress and forgive $50K in student loans per person
By Aris Folley - 12/07/20 06:33 PM EST
Senate Minority Leader Chuck Schumer (D-N.Y.) continues to urge President-elect Joe Biden to make cancelling some student debt a priority once he takes office next year, telling reporters this week that the incoming president could forgive as much as “$50,000 of debt the first day†he assumes power.
“We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president,†he said outside his office in Manhattan on Monday, according to CNBC. “You don’t need Congress. All you need is the flick of a pen.â€
The comment comes several months after senate leader introduced a plan alongside Sen. Elizabeth Warren (D-Mass.) calling on whoever won this year's presidential election to use their authority to cancel up to $50,000 in student loan debt for all borrowers with federal loans.
In an op-ed published last week co-authored by both senators, they maintain that, “Broad cancellation of student debt would give tens of millions of Americans $200 to $300 more to spend and save each month.â€
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https://thehill.com/homenews/senate/529138-schumer-calls-on-biden-to-bypass-congress-and-forgive-50k-in-student-loans
