Pelosi Says Biden Cannot Cancel Student Loan Arrears Opposing Sumer

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  • Nancy Pelosi said President Joe Biden had no authority to cancel student debt.
  • The Speaker of the House of Representatives said that the abolition of student debt should be “an act of Congress.”
  • Senate Majority Leader Chuck Schumer called on Biden to pay off $ 50,000 of debt for each borrower.

House Speaker Nancy Pelosi said Wednesday that President Joe Biden has no authority to cancel student loan arrears, although some of her fellow Democrats, including Senate Majority Leader Chuck Schumer, disagreed.

Pelosi told reporters during a press briefing that student debt is a “political debate” and that the cancellation should be “an act of Congress.”

“People think that the President of the United States has the power to forgive debts. He doesn’t, ”Pelosi said. “He can procrastinate, he can procrastinate, but he doesn’t have that kind of power.”

She added: “Not everyone understands this.”

Pelosi opposes Sumer and Senator Elizabeth Warren of Massachusetts, two Democrats in Congress, who have called on Biden to write off $ 50,000 in student debt per borrower.

They told Biden could use my authority in accordance with the Law on Higher Education, to immediately pay off the debts of millions of borrowers across the country.

About 45 million Americans together saddled with $ 1.7 trillion in student debt… Borrowers in 2019 have student debt averaged between $ 20,000 and $ 25,000. according to the Federal Reserve

“President Biden can write off his $ 50,000 student loan debt with the stroke of a pen,” he said. Warren told Insider in June… “He doesn’t need Congress to act, he can do it himself, and I hope he does it.”

Warren and Sumer re-raised their requirements at a press event on Tuesday claiming that writing off student debt will help narrow the racial wealth gap and boost the economy.

“All President Biden has to do is click the pen, sign it, to make America a happier, better and more prosperous place,” Schumer said.

Warren likened student debt to a sword hanging over the heads of borrowers.

“This sword gets a little closer every day,” she said. “This is a matter of economic justice. It’s a question of racial justice. The President of the United States can take out this sword. The President can prevent this pain. “

Representatives for Sumer and Warren did not immediately respond to Insider’s requests for comment on Wednesday.

In the footsteps of Biden’s 2020 election campaign promised To cancel student debt up to $ 10,000 per borrower. For six months of his presidency, this did not happen.

Such a measure was left out of his trillion dollar economic plans released in May, and its $ 1.9 trillion US bailout plan went into effect in March.

In February, White House Press Secretary Jen Psaki, confirmed Biden’s support for writing off $ 10,000 of debt per borrower, but said he would like the law to be approved by Congress first.

Biden appears to have rethought his position amid mounting pressure from Congressional Democrats, civil rights groups and student organizations.

White House appeals to Justice and Education ministries to check if Biden can cancel student debt through executive actions. But neither the White House nor the government provided an update on when will this assessment come



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