The Biden administration is reportedly weighing wiping out $10,000 or more in debt for student borrowers.
he was"considering dealing with some debt reduction" but added that he was not considering forgiving up to $50,000 per borrower as called for by many Democrats, including Senate Majority Leader Chuck Schumer.
White House press secretary Jen Psaki likewise told reporters on Thursday that"finding ways to provide relief to students to make sure that these working-class, working families are getting relief is more important than tax cuts to millionaires, billionaires, and corporations.” While the Biden White House, which has faced low approval in public opinion polls for months, sees student loan forgiveness as an easy political victory as the Democratic party tries to hold on to slim majorities in Congress in the midterm elections, the policy has faced bipartisan criticism, with manyLarry Summers, who served as secretary of treasury in the Obama administration, called student loan forgiveness a"regressive" action because low-income people are less likely to have...
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