Last Wednesday saw the House Speaker, Nancy Pelosi, rejecting efforts from the Senate Majority Leader Chuck Schumer to convince the President to cancel large amounts of student debt. This has, unsurprisingly, led to a major rift in the Democratic Party over this issue.
Pelosi has maintained that the President lacks the authority that is required to cancel student loan debt while questioning the fairness and wisdom of such a policy at this point. It must be noted that this has been quite a major priority for the left-wing in recent times.
Nancy Pelosi’s Comments on Student Loan Have Created Rifts
In a news conference, Nancy Pelosi came out and stated that no one would be happy if their child didn’t want to go to college- but you were still paying their taxes to forgive the obligations of someone else. Her remarks, naturally, were in sharp contrast to the campaign that Sen. Elizabeth Warren, Chuck Schumer, and other progressives have launched for the last couple of months to convince the POTUS to swiftly remove the debt for millions of loan borrowers.
Schumer, on his part, has been the head of the calls to cancel as much as $50,000 of loan debt that is federal- which he believes Biden can do with a single flick of his pen.
While Chuck Schumer did believe that the progressives were slowly gaining ground in persuading the administration of Joe Biden to act, Nancy Pelosi, in her most sweeping comments on the student debt issue, stated that the executive action was simply not present with the Biden administration.
She mentioned that the President just can’t do it- which absolves the need for a discussion. As it stands, not everyone realizes that the POTUS simply has the ability to postpone, but not forgive any loans from the students. This would be the work of Congress, not any individual in any position.
Nancy Pelosi further stated that it was definitely up for discussion as to how the legislators would be structuring any student debt cancellation program. More importantly, it would be prudent to describe the policy debate as a question of whether to provide relief to more people with a lower amount of debt, or fewer people with a larger amount of debt.