TO CNN town hall earlier this week, President Joe R. Biden rejected a proposal to write off $ 50,000 in student loan debt per student, CNN reported.

“I won’t make it,” Biden said.

President Joe Biden

Democrats like Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren and Representative Ayanna Pressley have urged Biden to use executive power to do so, reintroducing a bicameral resolution earlier this month. A similar resolution was introduced under the Trump administration.

“The student debt crisis is a matter of racial and economic justice,” Pressley said in a statement about the proposal. “With this pandemic worsening daily, we need bold, high-impact policies that will match the scale and scope of the crisis and truly offer people immediate relief – this must include the cancellation of the crisis. student debt at all levels. President Biden has the legal authority to write off billions in student debt with the stroke of a pen and he must face the present moment using that authority, which not only would put us on the path to a fair recovery, but would also help reduce the wealth gap racism. “

The Biden administration has expressed its willingness to write off $ 10,000 in student loan debt per borrower, through legislation rather than executive authority.

“The President has supported and continues to support the cancellation of $ 10,000 of federal student loan debt per person in response to the Covid crisis,” White House Press Secretary Jen Psaki said during a briefing. Once Congress has drafted a proposal, it “can’t wait to sign it.”

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