Senate Majority Leader Chuck Schumer of N.Y., attends a meeting with President Joe Biden and congressional leaders in the Oval Office of the White House, Wednesday, May 12, 2021, in Washington. (AP Photo/Evan Vucci)
UPDATED 8:20 AM PT – Monday, May 17, 2021
Sen. Chuck Schumer (R-N.Y.) recenyly claimed Joe Biden can quickly cancel all student debt. During a virtual conference on Sunday, the New York Democrat asserted a flick of Biden’s pen could erase at least $1.7 trillion of loans.
This comes amid critics saying this unprecedented move would wreak havoc on the American economy and leave taxpayers on the hook for unprecedented levels of government debt.
While Biden recently admitted he does not have authority to cancel all loans, Schumer says otherwise.
“Our president, who we elected, and I love him, but he could [cancel student loans] with the flick of a pen,” stated the senator. “This doesn’t need a lot of legislation or anything else, all he has to do is sign something.”
In the meantime, Biden is pledging to erase at least $10,000 of debt per borrower. This proposal comes instead of President Trump’s move to implement income-based payment plans for struggling students while also protecting taxpayers.