Congressional Republicans criticized student loan forgiveness after they passed tax cuts for the rich.
I will never apologize for helping America's middle class, especially not to the same people who voted for a $2 trillion tax cut for the wealthy and giant corporations that racked up the Deficit.
Biden made one of the most influential policy decisions of his presidency on Wednesday when he announced the cancellation of up to $10,000 in federal student loan debt for borrowers who make less than $125,000 a year. Up to $20,000 of debt can be canceled with the help of the plill grant.
According to the Education Department, the debt relief is capped at the amount of debt the person has.
Biden had a debt forgiveness plan. McCarthy said it was a radical agenda.
The runaway cost of college for most families will not be stopped by Biden's debt transfer scam. Americans can't afford Democrats' agenda.
In an interview with Newsmax TV, the Representative called the loan forgiveness policy unfair.
"Taxpayers all over the country shouldn't have to pay off the great, big student loan debt for some college student that racked up massive debt going to some Ivy League school." The Georgia Republican said that Biden's debt forgiveness policy is a ploy to get Democrats to vote.
Public records show that he was the beneficiary of loan forgiveness. Records maintained by ProPublica show that a loan of $182,200 given to Taylor Commercial Inc. in April 2020 was forgiven.
The Tax Cuts and Jobs Act was signed into law by former President Donald Trump. According to an analysis by the Tax Foundation, three-quarters of the benefit from the act would go to the top 1%.
Mark Kantrowitz said that Biden's debt forgiveness policy would cost the federal government $244 billion. It will cost another 120 billion for forgiveness.
Student loan debt repayments are paused until December 31, 2022.
Forty million Americans have student loan debt.
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