President Joe Biden Preparing To Make Announcement On Student Loans: Reports

According to The Washington Post, which cited three sources, President Joe Biden is set to propose a plan to cancel up to $10,000 in student debt for people who qualify to depend on their income.

According to CNN, White House employees have been creating draughts but are awaiting the president’s decision.

According to the Post, the policy is expected to come with conditions, such as applying solely to people earning less than $150,000 per year. According to CNN, the income cap might be as low as $125,000.

Biden was planning to reveal his idea at his commencement speech at the University of Delaware on Saturday, but the incident in Uvalde, Texas on Tuesday, which murdered 19 students and two teachers, forced the administration to reverse direction, according to the Washington Post.

In a statement to the newspaper on Thursday, White House spokesperson Vedant Patel stated, “No decisions have been made yet.” The White House has been contacted for comment by HuffPost.

However, some progressive Democrats are becoming irritated.

“The longer the administration waits — evidently because they’re trying to figure out how many individuals to exclude from a cancellation program — the less appreciative people will be,” Rep. Mondaire Jones (D-NY) told CNN.

A second difficulty for the administration is the inflationary pressures that U.S. households have been experiencing, and there is concern that any action on student loan forgiveness could exacerbate this, especially amid fears of a possible U.S. recession.

In April, Biden stated that the White House would announce its student loan action plan in a few weeks.

“I’m thinking about getting rid of some debt.” On April 28, Biden informed reporters, “I am not considering a $50,000 debt reduction.” “I’m in the process of examining whether or not extra debt forgiveness will be granted, and I’ll have an answer in the next couple of weeks.”

Related

The $10,000 sum mentioned by the Post is in line with Biden’s 2020 campaign promises, but it’s still far less than what many Democratic senators have demanded.

In October 2020, Biden said at a town hall in Miami, “I’m going to make sure everyone gets $10,000 knocked off their college debt.”

The Biden administration has extended the moratorium on student loan payments through August 31, extending a policy that was implemented at the start of the pandemic.

Related Posts

Kamryn Babb Of Ohio State Finds Him In The Spotlight After Years Of Injury

Kamryn Babb Of Ohio State Finds Him In The Spotlight After Years Of Injury

The definition of perseverance is making an ongoing effort to do or accomplish anything despite obstacles, failure, or opposition. Since he arrived to Ohio State in the summer of 2018,…

Read more
Obama Slams GOP Sen. Ron Johnson On Social Security In Explosive Rally Speech

Obama Slams GOP Sen. Ron Johnson On Social Security In Explosive Rally Speech

During a rally for his Democratic opponent, Wisconsin Lt. Gov. Mandela Barnes, Sen. Ron Johnson (R-Wis.) came under intense questioning from former president Barack Obama. Obama, who addressed a gathering…

Read more
Devin Nunes Posts Appalling Quip About Hammer Attack On Paul Pelosi

Devin Nunes Posts Appalling Quip About Hammer Attack On Paul Pelosi

It seems that former Republican congressman and current CEO of Truth Social Devin Nunes finds it humorous that a Donald Trump supporter suspect attacked the husband of Democratic House Speaker…

Read more

Lisa Tucker Joins Al Roker Entertainment As SVP Of Development

Al Roker Entertainment has appointed Lisa Tucker as SVP of Development and Production, the business announced on Tuesday. She will be in charge of showrunners, the creation of both scripted…

Read more

UK TV Ratings: Lionesses Roar To Victory With Record 17.5M Tuning In

Last night, England’s nearly 60-year absence from a major football trophy came to an end thanks to a record-breaking 17.5 million viewers tuning in to the BBC coverage. The previous…

Read more

Joe Biden Is Covid-19 Positive Again, But Won’t Resume Treatment

According to a letter from the president’s doctor, Dr. Kevin O’Connor, President Joe Biden tested positive for Covid-19 once more on Saturday morning. Covid-19 positive is what is referred to…

Read more