On Wednesday, House Speaker Kevin McCarthy presented a Republican proposal to address the debt ceiling that involves cutting $4.5 trillion. Notably, the plan would eliminate Biden’s initiative to forgive student loans.
U.S. Secretary of Education Miguel Cardona immediately cried foul on the plan:
“It’s a shame for students and working families across the country that Republican lawmakers, many of whom benefitted from hundreds of thousands of dollars in small business loan forgiveness, continue to fight hypocritically to deny critical student debt relief to millions of their own constituents. Said Cardona via press release. “While President Biden, Vice President Harris, and I continue working to deliver much-needed relief to borrowers working to get back on their feet after the pandemic, Speaker McCarthy’s proposal tells us everything we need to know about what he and his allies value—tax cuts for the super-rich, special interests, and big corporations over support for hardworking Americans.”
Biden’s debt relief plan promised up to $10,000 in debt relief for general borrowers and $20,000 for pell grant recipients.