Republicans have been blasting President Biden’s decision to saddle working-class Americans with the debts of college-educated Americans, but they’re not the only ones crying foul. The plan, estimated to cost taxpayers $300,000,000,000, according to a Penn Wharton Budget Model, has also been met with mixed reviews among some Democrats.
In addition to former Obama and Clinton economic advisers sounding the alarm about how “pouring roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless,” members in the House and Senate sounded off about the plan.
Sen. CATHERINE CORTEZ MASTO (D-Ariz.): “I don’t agree with today’s executive action because it doesn’t address the root problems that make college unaffordable. We should be focusing on passing my legislation to expand Pell Grants for lower income students, target loan forgiveness to those in need, and actually make college more affordable for working families.”
Rep. JARED GOLDEN (D-Maine): “This decision by the president is out of touch with what the majority of the American people want from the White House, which is leadership to address the most immediate challenges the country is facing.”
Rep. CHRIS PAPPAS (D-N.H.): “[T]his announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities. Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn’t add to the deficit."
Rep. SHARICE DAVIDS (D-Kan.): “It’s not how I would have addressed the issue.”
Rep. TIM RYAN (D-Ohio): “While there's no doubt that a college education should be about opening opportunities, waiving debt for those already on a trajectory to financial security sends the wrong message to the millions of Ohioans without a degree working just as hard to make ends meet.”
Sen. MICHAEL BENNET (D-Colo.): "In my view, the administration should have further targeted the relief, and proposed a way to pay for this plan. While immediate relief to families is important, one-time debt cancellation does not solve the underlying problem.” (POLITICO Playbook)
Meanwhile, party leaders are in full cheerleading mode, despite assurances not long ago that Biden had no such authority to “forgive” student loan debt.
.@POTUS’ bold action is a strong step in Democrats’ fight to expand access to higher education.
— Nancy Pelosi (@SpeakerPelosi) August 24, 2022
By delivering historic targeted student debt relief to millions of borrowers, more working families will be able to meet their kitchen table needs as they recover from the pandemic. https://t.co/nHkBLNvqeG
In a joint statement, Schumer & Warren say Biden’s actions on student debt “will be felt by families across the country, particularly in minority
— Nolan D. McCaskill (@NolanDMcCaskill) August 24, 2022
communities, and is the single most effective action that the President can take on his own to help working families and the economy.” pic.twitter.com/DeZYSeyPR0