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.”
New - Biden completely rejects Schumer/Warren proposal to cancel $50K of student loan debt per borrower:
— Michael Stratford (@mstratford) February 17, 2021
“I will not make that happen."
Says he doesn't want to forgive debts of borrowers from elite schools -- and money would be better spent on early childhood education. pic.twitter.com/oDwvCJveOm
Progressives took to Twitter to challenge that claim and urged Biden canceling a more significant amount is necessary.
Q: Does President @JoeBiden have the authority to cancel student debt with the stroke of a pen?
— Ayanna Pressley (@AyannaPressley) February 17, 2021
A: yes. pic.twitter.com/219bHyFbPo
We told Black students that college was the surest path to build a future – but for a lot of systemic reasons, they’re getting crushed the worst by student loan debt. Black Americans know: we need President Biden to use his authority to #CancelStudentDebt. https://t.co/lWa8ui3JTq
— Elizabeth Warren (@SenWarren) February 17, 2021
Yes, @POTUS does have the authority to #CancelStudentDebt with the stroke of a pen.
— Congresswoman Ayanna Pressley (@RepPressley) February 17, 2021
He can and must use it. The people deserve nothing less.
The case against student loan forgiveness is looking shakier by the day.
— Alexandria Ocasio-Cortez (@AOC) February 17, 2021
We’ve got the *Senate Majority Leader* on board to forgive $50k. Biden’s holding back, but many of the arguments against it just don’t hold water on close inspection.
We can and should do it. Keep pushing!
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."