Biden BURNS Through Taxpayers’ Money – Look What He’s Doing Now!
(ConservativeHub.com) – Despite cries from people who feel student loan forgiveness is unfair or will take from taxpayers, President Joe Biden announced his objective to cut education debt on August 24. He outlined his plan, which provides relief of up to $20,000 for those earning under $125,000. It also included an extension of the repayment pause to December 31.
BREAKING: Pres. Biden announces plan to cancel up to $10,000 in student loan debt for Americans making less than $125,000, and up to $20,000 for Pell Grant recipients. https://t.co/6ie0KQng6L
— ABC News (@ABC) August 24, 2022
Under the plan, students will get $10,000 off their loans if they didn’t get a federal Pell grant, but there will be $20,000 forgiven for those who did. People can only receive up to what they owe in the form of forgiveness, as it’s not a refund. In addition, the president vowed to change income-based payments to 5% of a person’s monthly income for undergraduate loans.
Democrats' student loan socialism is a slap in the face to working Americans who sacrificed to pay their debt or made different career choices to avoid debt. A wildly unfair redistribution of wealth toward higher-earning people. pic.twitter.com/ntyOafgklh
— Leader McConnell (@LeaderMcConnell) August 24, 2022
In a statement, Senate Minority Leader Mitch McConnell (R-KY) responded to the president’s plan as another step in the wrong direction. He claimed it will exasperate inflation and is offensive to those who have already paid their debt. He said forgiveness of loans for people with a college education is ridiculous because they are some of the highest wage earners and need financial assistance the least.
REMINDER: Biden doesn't have the authority to forgive student loan debt. Even Speaker Pelosi agrees.
PELOSI: "People think that the President of the United States has the power for debt forgiveness. He does not… The President can’t do it. So that’s not even a discussion." pic.twitter.com/E1AH0YxTFZ
— Senate Republican Communications Center (@SRCC) August 24, 2022
The Senate Republican Communications Center (SRCC) went a step further, saying Biden doesn’t even possess the authority to make this move. In 2021, Speaker of the House Nancy Pelosi (D-CA) backed this up, saying only Congress has the power to forgive debts.
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