President Biden’s move to cancel student debt was long-expected — but the scope of the effort was not.
The expectation of $10,000 in student loan cancellation was widely reported in the lead-up to Wednesday’s news, but the final package included an additional $10,000 in forgiveness for Pell Grant recipients. The administration also laid out a cap on income-based repayments that could be felt for decades to come.
“It’s a game-changer,” President Biden said Wednesday in unveiling the plan.
The move predictably sparked opposition by Republicans, who have lined up en masse against the plan.
But some regular allies of the White House in both the political and economic spheres have also expressed concerns over the breadth of the relief. Jason Furman, who worked in President Obama’s White House, tweeted to note that Biden had gone beyond his 2020 campaign promise to a much bigger package. He noted that pouring “roughly half trillion dollars of gasoline on the inflationary fire that is already burning is reckless.”
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