White House officials had been weighing the move for months before officially landing on the $10,000 figure this week, although some left-wing lawmakers have supported eliminating debt of up to $50,000 per borrower. Yet Democratic candidates in the heat of election battles are openly opposing the loan cancellation policy.
“We all know the cost of higher education is crushing families … but this announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities,” Rep. Chris Pappas (D-NH), who is running to keep his seat in the House of Representatives, said in a statement. “Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn’t add to the deficit.”
Biden maintains a dismal 44% approval rating, according to Gallup, which noted that 40% of independents approve of Biden. As vulnerable Democrats attempt to shake Biden’s particularly poor economic record, a survey from CNBC revealed that 59% of Americans are concerned that student debt cancellation “will make inflation worse.”
“The President’s plan also doesn’t address the underlying issue of the affordability of higher education, and it is clear that the high cost continues to limit opportunities available…