President Joe Biden plans to cancel $10,000 in debt per borrower for individuals making under $125,000 a year or households making less than $250,000. Here are some reactions as Biden makes his long-awaited announcement on forgiving federal student loans:
President Joe Biden on Wednesday made his long-awaited announcement on federal student loans, saying his administration plans to cancel $10,000 in debt per borrower for individuals making under $125,000 a year or households making less than $250,000.
• “The issue is that we just passed a very large, very difficult to pass piece of legislation, the Inflation Reduction Act, which will accomplish some deficit reduction, both in the short term and … the long term — very, very important, given the huge national debt that we have — and will do so in a way that will push in the right direction against inflation.
Analysts see no further forgiveness, pain for some companies • “This … is likely as far as this administration will go in canceling student loan debt. Republicans already are criticizing Biden for spending $300 billion to subsidize what the GOP describes as wealthier borrowers. This is a populist pushback against higher education spending aimed at working class voters without college degrees.
Democratic lawmakers, progressive group offer praise • “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.
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