'I Will Not Make That Happen': Biden Disappoints Progressives with Student Loan Forgiveness Comment

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Posted: Feb 17, 2021 8:45 AM
'I Will Not Make That Happen': Biden Disappoints Progressives with Student Loan Forgiveness Comment

Source: AP Photo/Evan Vucci

President Biden dashed progressives' hopes on Tuesday during a CNN town hall event when the topic of student loan forgiveness came up.

A community theater marketing director told the president “at least” $50,000 in student loan forgiveness is needed, and asked how he plans to make that happen.

Biden flat out told the woman he won’t make it happen, before proceeding to give a long-winded response that included pointing out how much debt his children acquired after their schooling. 

“But my point is, I understand the impact of the debt. And it can be debilitating. And I think there's a whole question about what universities are doing,” he said. “They don't need more skyboxes. What they need is more money invested in making -- so, that's why I provide, for example, $80 billion -- $70 billion over 10 years for HBCUs and other minority-serving universities, because they don't have the laboratories to be able to bring in those government contracts that can train people in cybersecurity or other future endeavors that pay well.

“But I do think that, in this moment of economic pain and strain, that we should be eliminating interest on the debts that are accumulated, number one,” Biden continued. “And, number two, I'm prepared to write off the $10,000 debt, but not $50,000.”

He then acknowledged it’s because he doesn’t have the power to do so: “I don't think I have the authority to do it by signing with a pen.”

Progressives took to Twitter to challenge that claim and urged Biden canceling a more significant amount is necessary.
 

Earlier this month Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren, and other progressive lawmakers called on Biden to "cancel up to $50,000 in federal student loan debt immediately."

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