White House Tries to Clean Up Biden’s False Claim on Student-Loan Forgiveness

The White House delivered a statement to Fox News on Monday stating that President Biden was referring to the Inflation Reduction Act when he claimed that student-loan forgiveness had passed Congress.

The President was referring to the inflation reduction act, which reduced the deficit by hundreds of millions of dollars. The statement said that no Republicans voted for the Inflation Reduction Act in the House or the Senate.

The White House thinks the legislation has reduced the deficit by hundreds of billions of dollars. The increase in the federal government's monthly deficit in September was caused by Biden's debt cancellation.

During his interview with NowThis News, Biden said that the White House's new framing was not true.

I’ve just signed a law that’s being challenged by my Republican colleagues, they’re the same people who got PPP [Paycheck Protection Program] loans — in some cases up to five, six hundred thousand dollars — they have no problem with that, the individuals in Congress got those,” said Biden. “But what we’ve provided for is if you went to school if you qualify for a Pell Grant . . . you qualify for $20,000 in debt forgiveness. Secondly, if you DON’T have one of those loans, you just get $10,000 written off. It’s passed. I got it passed by a vote or two, and it’s in effect.

Here is the full clip for all you clowns who say it’s out of context. Biden first falsely claims he “signed a law” to cancel student loan debt, then says he “got it passed by a vote or two.”
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— Jake Schneider (@jacobkschneider) October 24, 2022

Prior to Biden taking office, bipartisan coronaviruses-relief legislation passed in 2020 gave business owners the chance to apply for private loans. Businesses struggled through the Pandemic and restrictions on commerce and travel that accompanied Covid, so the loans were intended to keep employees on payroll. If the business could keep up their staff levels, they would be forgiven.

The loan-forgiveness program was put on hold by the US Court of Appeals for the Eighth Circuit.