Congressional Democrats at odds over President Biden’s power to cancel student loan debt

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Congressional Democrats at odds over President Biden’s power to cancel student loan debt
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Congressional Democrats at odds over President Biden’s power to cancel student loan debt
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House Speaker Nancy Pelosi said Wednesday that President Joe Biden does not have the power to forgive student loan debt, putting her at odds with some members of her own Democratic caucus as the pressure builds on the president to cancel $50,000 in student loan debt per borrower.

“People think that the president of the United States has the power for debt forgiveness. He does not,” Pelosi said in response to a question at her weekly news briefing. “He can postpone, he can delay, but he does not have that power.”

The speaker said student loan forgiveness would have to be done through an act of Congress. She noted the policy debate over how much debt could be canceled and for how many people but argued the president couldn’t make the decision unilaterally.

Her comments came just one day after Senate Majority Leader Chuck Schumer, of New York, Senator Elizabeth Warren and Representative Ayanna Pressley, both of Massachusetts, held their own event calling for the president to extend the pause on federal student loan payments set to expire at the end of September as well as cancel up to $50,000 in student loan debt.

Schumer claimed Mr. Biden could use his “existing legal authority” to cancel that debt. He said it would be even more helpful to borrowers, fuel the economy and deal with racial inequality exacerbated by the cost of education.

“With all this good, all President Biden has to do is flick his pen, sign it. Make America a happier, better, more prosperous place,” Schumer said Tuesday. He indicated they were making progress with the Biden administration on the matter.

You can read the rest of Sarah Ewall-Wice’s article at CBSnews.com

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