President Joe Biden plans to buy another round of votes Wednesday by reallocating billions in student loan debt -- debt voluntarily taken out by wealthy degree holders.
"President Joe Biden on Wednesday will announce $1.2 billion of student debt relief for nearly 153,000 borrowers — and he’s sending emails to make sure they know whom to thank for it," POLITICO reports. "The administration’s latest tranche of loan forgiveness covers borrowers who are enrolled in Biden’s new loan repayment program, initially borrowed $12,000 or less and have been repaying their debt for at least 10 years."
Starting today, the first round of folks who are enrolled in our SAVE student loan repayment plan who have paid their loans for 10 years and borrowed $12,000 or less will have their debt cancelled.
— President Biden (@POTUS) February 21, 2024
That’s 150,000 Americans and counting.
And we’re pushing to relieve more.
The decision comes as Biden desperately tries to hold onto his Democratic coalition while his approval numbers continue to plummet across the board.
In June 2023 the Supreme Court ruled it is unconstitutional for Biden to reallocate student loan debt without congressional approval. Regardless of the ruling and the principles behind the decision from the Justices, Biden continues to do it anyway. In fact, he keeps bragging about it.
I promised to ease student debt for millions of folks. The Supreme Court blocked me, but it didn’t stop me.
— Joe Biden (@JoeBiden) January 31, 2024
I found another way to help more than 3.7 million people—teachers, nurses, police officers, firefighters—with over $130 billion in relief.
Republicans on Capitol Hill are already weighing in.
The Biden administration is trying to cancel $1.2 billion in student loan debt.
— Sen. Marsha Blackburn (@MarshaBlackburn) February 21, 2024
Yet another move that circumvents the Supreme Court’s authority and harms American taxpayers.
Taxpayers shouldn’t have to foot the bill for a billion dollar student loan bailout.
— Joni Ernst (@SenJoniErnst) February 21, 2024
Biden must end his socialist schemes and focus on helping families and students understand the true cost of college!https://t.co/zGltcL81nx