Democrats push for $ 50,000 executive order-in-council student loan cancellation – Free Press of Jacksonville
Senator Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) have drawn everyone’s attention to a congressional resolution to write off up to $ 50,000 in student loans. They call on newly elected president Joe Biden to use executive powers to cancel a student loan, given the impact of Covid-19.
Forbes points out that “the resolution is similar to a resolution that Schumer and Warren introduced in September. Since then, Schumer has clarified that their proposal does not apply to all student loan borrowers. Rather, only student loan borrowers with federal student loans who earn less than $ 125,000 would be eligible. “
Warren and Schumer insisted that canceling student loans would have a positive impact on the economy. They pointed out that a successful cancellation of student loans would reduce disparities, encourage small businesses, increase family formation, stimulate home purchases, encourage retirement savings and generally improve the economy. Both men are pushing for an executive order from the president, while insisting that there is no need to wait for congressional approval.
“Canceling student debt would immediately put money in the pockets of millions of Americans. It would help pull our economy out of this crisis. And we don’t have to wait for Congress: the Biden-Harris administration can do it with its executive authority, ”Warren said on social media.
There is no disagreement on whether or not to cancel the student loan. The only bone of contention is the amount that needs to be canceled and who is eligible.
What remains of a concern is why Warren and Schumer are not pursuing a universal student loan cancellation plan, with support from Congress and the White House. The position they take is not in agreement with the president, although they are in the same party. Still, Republicans will not be in favor of canceling student loans.
The discord between Democrats could have a very negative impact on the cancellation of student loans. Student loan borrowers should be concerned about this disagreement. However, some recent tweets from concerned and responsible parties show that the topic is far from over.