Biden wants to go big on the economy but go small on student-debt reform

SourceBusiness Insider
SectorEconomy
CountryMiddle east

President Joe Biden has a $1.9 trillion plan and a $1.7 trillion problem. He wants to go big on the former, but, unlike several prominent Democrats, more conservative on the latter. The $1.9 trillion, of course, is the stimulus plan that Biden was touting in last night's CNN town hall in Wisconsin. But when asked about proposals to cut into the $1.7 trillion in outstanding student-loan debt (as of the third quarter of 2020), the president expressed caution. Democratic lawmakers including Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren, and Rep.

Alexandria Ocasio-Cortez have called on Biden to use his executive power to cancel up to $50,000 in student debt per person.  "I will not make that happen," Biden said at CNN's town hall. Instead, he said he will go smaller — in fact, that he has to. "My point is: I understand the impact of debt, and it can be debilitating," Biden said at the town hall. "I am prepared to write off the $10,000...read more...