In July of 2021, House Speaker Nancy Pelosi said that President Joe Biden does not have the authority to issue debt forgiveness.
People think that the President of the United States has the power to forgive debt. He is able to delay. He can take a bit longer. He doesn't have that power. Pelosi said at the press conference that it had to be an act of congress.
The president can't do it. That isn't even a conversation. Some people don't realize that. She said that the President can only delay and not forgive.
She said that voters would be angry about student loan forgiveness and wondered if it would be fair.
Pelosi talked about a situation where a child decides they want to go to college, but you have to pay taxes to forgive someone else's obligations.
According to the Department of Education, the executive branch does not have the authority to cancel, compromise, discharge, or forgive on a blanket or mass basis.
Biden issued an order Wednesday "forgiving" up to $10,000 in federal student debt for individuals making under $125,000 annually and households making under $250,000, as well as relief of $20,000 in debt for recipients of the grants. It is the biggest loan cancellation program in history, and comes months before the elections.
Pelosi acknowledged that it was unclear where Biden got the authority to make the announcement, but she appeared to be happy about it.
We did not know what authority the president had to do this. It seems that he has the authority to give $10,000 to those who make under $125,000 a year.
National Review asked if she still stood by her comments.
Republican lawmakers accused Biden of benefiting the upper class and transferring the cost to taxpayers in a series of statements Wednesday.
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