Student loan forgiveness was announced by President Joe Biden.
The forgiveness is unfair to other taxpayers, according to some Republicans.
Biden asked if the tax breaks for billion dollar businesses were fair.
President Joe Biden fulfilled a campaign promise on Wednesday, announcing the cancellation of $10,000 in student loan debt for some borrowers.
It's a move that's already inspired praise from some Democrats, as well as criticism that it wasn't enough to ease the crisis. Republicans said the cancellation amounted to taxpayers subsidizing other people's loans.
The Senate Minority Leader said that President Biden's student loan socialism was a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path. The policy is unjust.
Biden rebuked it quickly.
A reporter asked the president if the measure was unfair to people who paid their student loans or didn't.
Is it right for people who don't own multi-billion dollar businesses to see one of them get all the tax breaks? Is that right? Biden made a statement. What do you have to say?
Biden has criticized large corporations for paying little or nothing in federal income taxes, something he has tried to change through proposals to raise the corporate tax rate. Biden said he was sick and tired of people being fleeced.
According to the White House, the relief announcement will affect 43 million borrowers.
20 million people can get on with their lives, according to Biden. People can finally think about buying a home, starting a family, or starting a business because of this. The economy is better off when this occurs.
Student loan debt is morally reprehensible, just before Biden's White House remarks.
The chair of the House progressive caucus said that student loan relief would help address racial inequalities.
Student debt is a racial justice issue and should be canceled. She said this was a major step forward.
Since joining the upper chamber after his reelection fight against Herschel Walker, the senator from Georgia has pushed the administration to address student loan reform.
He said that student debt will provide benefits for Georgians of all ages. President Biden has listened to me.
He said that he would fight for more student relief by tackling issues such as college affordability and creating more job workforce programs.
Debt cancellation is something that not all Democrats are in agreement on.
The congressman from New Hampshire argued that the issue should be left to congress.
"We all know the cost of higher education is crushing families, and that's why I've supported expanding Pell Grants, affordable community college, and loan forgiveness for those entering vital professions like nursing," he stated. President Biden's announcement is not a way to sidestep Congress and our oversight.
Business Insider has an article on it.
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