Dems again urge Biden to cancel student loan debt

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Brian Wesbury explains the potential consequences of the president’s idea, and discusses how the administration is giving people incentives not to work on ‘Making Money’ A group of Democrats is ramping up the pressure on President Biden to use his executive authority to cancel billions of dollars in student loan debt and extend a moratorium on payments that is poised to expire in February.

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In a Wednesday letter addressed to the White House, Senate Majority Leader Chuck Schumer, D‑N.Y.; Sen. Elizabeth Warren, D‑Mass.; and Rep. Ayanna Pressley, D‑Mass., warned that millions of families could be hurt financially and that the economy’s recovery from the pandemic imperiled if Biden does not extend the federal government’s pause on student loan payments, which is slated to end on Feb. 1, 2022.

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The lawmakers cited an analysis conducted by the Roosevelt Institute, a progressive think tank, showing that resuming student-loan payments in less than two months will “strip” 18 million borrowers of $7.12 billion a month and $85.48 billion annually over the next year. CANCELING STUD …


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