Biden STILL does not have a decision on whether to cancel up to $10,000 in student loan debt
Karine Jean-Pierre says Biden STILL does not have a decision on whether to cancel up to $10,000 in student loan debt – almost a fortnight after he said he would make a decision ‘in a couple of weeks’
- New White House Press Secretary Karine Jean-Pierre told reporters Tuesday that President Biden has not ‘yet’ made any moves on student loan forgiveness
- Biden said at the end of April that he would make a decision on whether to take executive action to forgive student loan debt in a ‘couple of weeks’
- That was more than two weeks ago
- Biden said that he is not considering forgiving $50,000 in loans for individuals
- Jen Psaki – Biden’s previous press secretary – said earlier this month that forgiveness would be for those making less than a $125,000 annual salary
Joe Biden still doesn’t have action announced on student loan forgiveness despite claiming two weeks ago that he would make a decision ‘in a couple of weeks.’
‘We have no policy to announce yet,’ White House Press Secretary Karine Jean-Pierre told reporters on Air Force One Tuesday morning.
‘But as a reminder,’ she added, ‘no one has been required to pay a single dime of student loans since the president took office.’
Federal student loans went into deferment towards the onset of the coronavirus pandemic when former President Donald Trump was in office as a way to help relieve finances of people who still owe money for their college education.
Democrats have long been pushing for student loan forgiveness – with $10,000 in forgiveness for individuals making less than $125,000 is seeming like the most likely course of action for Biden.
Jean-Pierre also insisted Tuesday that student loan pauses are unlikely to affect inflation at all, despite warnings from some economists that it could further exacerbate economic issues amid worsening record-high inflation and continued supply chain shortages.
‘I do want to state that Jared Bernstein has spoken to this before,’ Biden’s new spokesperson said. ‘And he’s mentioned that the impact on inflation by pausing federal loan repayments would be almost negligible, in his words. Something like 0.001 percent.’
New White House Press Secretary Karine Jean-Pierre (pictured left on Monday) told reporters Tuesday that President Joe Biden (pictured right in New York on Tuesday) has not ‘yet’ made any moves on whether to forgive $10,000 in federal student loans after saying two weeks ago he would make a decision on the matter in a ‘couple of weeks’
Bernstein is the Chief Economist and Economic Policy Adviser Vice President Kamala Harris.
Biden said on April 28 that he is ‘not considering $50,000 in debt reduction’ for Americans, but did preview that he could use executive action to relieve some outstanding student loans.
‘But I am in the process of taking a hard look at whether or not there will be additional debt forgiveness,’ he said, adding that he would make a decision in the ‘next couple of weeks.’
There is still no announcement or executive action taken more than two weeks after Biden made his comments.
The president has previously floated a figure of $10,000 per borrower, significantly lower than the $50,000-per-borrower Senate Majority Leader Chuck Schumer and some progressive leaders, including Senator Elizabeth Warren, have called for.
Just days later on May 3, Jen Psaki said during her final days of serving as Biden’s press secretary that if the president does decide to wipe out student debt, it would only be for those Americans making less than $125,000 annual salary.
Senate Majority Leader Chuck Schumer (pictured Tuesday in Buffalo, New York), along with other progressives, have pushed for forgiveness up to 50,000-per-borrower, which the president has shot down
Demonstrators gather outside the Department of Education in D.C. on April 4, 2022 to call for Biden to forgive student loan debt – as loan repayments are still paused due to the pandemic
‘Well, the president talked, back on the campaign, about taking steps or looking at steps to help people making less than $125,000 a year, so that is the frame through which he’s considering – making considerations at this point,’ Psaki said on board Air Force One as the president traveled to Alabama to tour a Lockheed Martin plant earlier this month.
Despite popularity for forgiveness among federal student loan borrowers and liberals, Republicans far-right and moderate are trying to quell voters’ desire for the move.
Moderate GOP Senator Mitt Romney tweeted in late April: ‘Desperate polls call for desperate measures: Dems consider forgiving trillions in student loans. Other bribe suggestions: Forgive auto loans? Forgive credit card debt? Forgive mortgages? And put a wealth tax on the super-rich to pay for it all. What could possibly go wrong?’
House Minority Leader Kevin McCarthy wrote in his own tweet that ‘debt cannot be ‘forgiven.”