Senate Minority Leader Chuck Schumer says Democratic presidential candidate Joe Biden shouldn’t wait to deal with Republicans if he takes office.
He has big plans for major spending — and it starts with $50,000 for Americans with debt.
Biden can cancel student loan debt when he takes office, should the current election results be certified — and he won’t have to wait for Congress to reach a bipartisan deal.
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Instead, Schumer said Biden could use an executive order, under the 1965 Higher Education Act, to make billions in student loan debt vanish without tax liability for borrowers.
The Secretary of Education’s has administrative authority to cancel Federal student debt which Biden could take advantage of, Schumer claimed.
“I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished,” said Schumer. “And we believe that Joe Biden can do that with the pen as opposed to legislation.”
In a press release, Schumer said his plan would completely forgive student loans for more than 75% of borrowers across the country. It would also include some form of debt forgiveness for 95% of people with student loan debt.
That’s just the beginning, Schumer said.
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Democrats will also start big spending to address issues like climate change, criminal justice reform, and wealth inequality.
“It’s a big, bold agenda,” he said. “My job is to get as much of that passed and get the votes for it, which obviously is not something I can snap my fingers and do.”
In total, Americans hold about $1.68 trillion in student loan debt, an increase of more than 16% from 2016. It’s the second largest amount of household debt, behind only mortgage debts.
The Horn editorial team