Senator Chuck Schumer (R-N.Y.) recently said that President Biden can rapidly cancel all student loan debt. During a virtual conference recently, the Democrat said that a single signing with Biden’s pen could remove at least $1.7 trillion worth of loans.
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This comes as critics predict this move would cause havoc on the American economy and force taxpayers to pay for unprecedented amounts of government debt.
While Biden admitted he is without the authority to cancel student loans, Schumer thinks otherwise.
“Our president, who I love, he could cancel student loans with one flick of his pen,” said the senator. “This does not need a ton of legislation, all he needs to do is sign something.”
President Biden can #CancelStudentDebt to help provide much-needed relief to millions of Americans.#CancelStudentDebtNY pic.twitter.com/eaGU4gdaG0
— Chuck Schumer (@SenSchumer) May 16, 2021
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In the meantime, President Biden is promising to delete at least $10,000 of debt per person. This proposal comes after President Trump’s strategy of income-based plans for struggling students while also guarding taxpayers.
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