The president said the debt forgiveness would apply to people earning less than $125,000 a year.
He was set to deliver remarks Wednesday afternoon at the White House to unveil his proposal to the public.
Biden has faced pressure from liberals to provide broader relief to hard-hit borrowers, and from moderates and Republicans questioning the fairness of any widespread forgiveness. The delay in Biden’s decision only heightened the anticipation for what his own aides acknowledge represented a vexing set of political and policy choices. The people spoke on the condition of anonymity to discuss Biden’s intended announcement ahead of time.
“The positive impacts of this move will be felt by families across the country, particularly in minority communities, and is the single most effective action that the President can take on his own to help working families and the economy,” said Sen. Elizabeth Warren on Wednesday in a joint statement with Senate Majority Leader Chuck Schumer.
As he tried to shore up support among younger voters and prepare for a general election battle against President Donald Trump, Biden unveiled his initial proposal for debt cancellation of $10,000 per borrower, with no mention of an income cap. “Today’s announcement is an insult to every American who played by the rules and worked hard to responsibly pay off their own debt,” Sen. John Barrasso, chair of the Senate Republican Conference, said in a statement.
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