(CBS NEWS) – A group of progressive Democrats announced a resolution on Thursday that demands President Biden use executive action to cancel $50,000 in federal student loan debt. The measure is unlikely to succeed given Mr. Biden's more moderate campaign promise of up to $10,000 in debt forgiveness via Congressional action.
The resolution was introduced in a press conference by Senate Majority Leader Chuck Schumer, Senator Elizabeth Warren, and Representatives Mondaire Jones of New York, Ayanna Pressley of Massachusetts, Ilhan Omar of Minnesota, and Alma Adams of North Carolina. The coalition of progressive Democrats argue the Higher Education Act of 1965 gives the White House the authority to cancel the debt without having to use Congressional action.
"College should be a ladder up," Schumer said. "For too many people, debt is the anchor that weighs them down, and they rarely overcome it."
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