President Joe Biden just delivered some very bad news to Democrats, especially the far-left wing of the party.
Biden said he would not eliminate $50,000 in student loan debt, shooting down a proposal that prominent Democrats introduced this month.
However, Biden did say that he is open to some level of loan forgiveness.
“I will not make that happen,” Biden said when an audience member asked him to commit to cancel at least $50,000 in debt.
“My point is: I understand the impact of debt, and it can be debilitating,” Biden said. “I am prepared to write off the $10,000 debt but not $50 [thousand], because I don’t think I have the authority to do it.”
Biden said he didn’t want to forgive the debts of borrowers who attended elite private schools like “Harvard and Yale and Penn,” arguing the money would be better repurposed toward early childhood education and making community college tuition-free.