First things first!
This isn't the fringe of the party or some shit. This is something that will definitely happen. James Clyburn also introduced something like this earlier this year, and he has Biden's ear.
Schumer, Warren: The Next President Can and Should Cancel Up To $50,000 In Student Loan Debt Immediately; Democrats Outline Plan for Immediate Action in 2021 | U.S. Senator Elizabeth Warren of Massachusetts
The Official U.S. Senate website of Senator Elizabeth Warren of Massachusetts
www.warren.senate.gov
Washington, DC - Senate Democratic Leader Chuck Schumer (D-NY), Senator Elizabeth Warren (D-MA.), Member of the Senate Health, Education, Labor, and Pensions (HELP) Committee and their colleagues introduced a resolution today outlining a bold plan for the next President of the United States to use existing authority under the Higher Education Act to cancel up to $50,000 in Federal student loan debt for Federal student loan borrowers. The resolution outlines how the President should use executive authority to cancel student loan debt and ensure there is no tax liability for Federal student loan borrowers resulting from administrative debt cancellation. Donald Trump and Republicans in Congress refuse to provide any immediate student debt cancellation for tens of millions of Americans, but Democrats will be ready to act starting in 2021. Joining the resolution are Senators Sherrod Brown (D-OH), Richard J. Durbin (D-IL), Bernard Sanders (I-VT), Tammy Duckworth (D-IL), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Jeff Merkley (D-OR), Edward J. Markey (D-MA), and Cory Booker (D-NJ), Robert Menendez (D-NJ), and Ron Wyden (D-OR).
- Recognizes the Secretary of Education's broad administrative authority to cancel Federal student loan debt under the existing authorities of section 432(a) of the Higher Education Act of 1965 (20 U.S.C. 1082(a));
- Calls on the President of the United States to take executive action to administratively cancel up to $50,000 in Federal student loan debt for Federal student loan borrowers using existing legal authorities under such section 432(a), and any other authorities available under the law;
- Encourages the President of the United States, in taking such executive action, to use the executive's authority under the Internal Revenue Code of 1986 to ensure no tax liability for Federal student loan borrowers resulting from administrative debt cancellation;
- Encourages the President of the United States, in taking such executive action, to ensure that administrative debt cancellation helps close racial wealth gaps and avoids the bulk of Federal student debt cancellation benefits accruing to the wealthiest borrowers; and
- Encourages the President of the United States to continue to pause student loan payments and interest accumulation for Federal student loan borrowers for the entire duration of the COVID-19 pandemic.
- In March, Senators Schumer, Warren, Murray, Brown and their colleagues unveiled a proposal to cancel at least $10,000 in student loan debt during the COVID-19 pandemic. Senator Warren has introduced legislation with House Majority Whip James E. Clyburn (D-S.C.) to eliminate up to $50,000 in student loan debt for 42 million Americans, including private borrowers.
This isn't the fringe of the party or some shit. This is something that will definitely happen. James Clyburn also introduced something like this earlier this year, and he has Biden's ear.
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