“This brings the total debt cancellation my administration has approved to $132 billion for over 3.6 million Americans through various actions,” Biden said in a statement.
“This brings the total debt cancellation my administration has approved to $132 billion for over 3.6 million Americans through various actions,” Biden said in a statement.
The executive branch has the authority to cancel debts owed to the executive branch.
What % of student loans do you think the executive branch holds?
I don’t know the percentage but the amount is like $1.5 trillion.
Yes. The department of education holds over 90% of student loan debt i believe - hence part of the contention. And those loans can be forgiven by Congress according to the law. It’s grey at best if the executive branch can do it. Hence why this is the 3rd attempt and we’ve seen previous ones go to court.
The executive branch does not necessarily have the authority to cancel those debts. That’s why these court battles have been taking place.
I mean clearly he has been trying to do this via the means he thinks they can win with. What makes you think they haven’t been forgiving them? This article is literally them trying to do it again. The problem is that it is functionally an end run around Congress and the GOP doesn’t want it to happen.
The Department of Education is a part of the Exeutive Branch. They can opt to cancel and forgive debt owed.
It isn’t opting to cut a check from Congress, its cancelled owed interest loans.
The cases that stopped previous attempts to cancel debt has been a judicial run around of the executive branch. Their argument that the executive branch cancelling debt was a run around congress. SCOTUS said (‘leaked’) they were going to throw out debt cancellation prior to seeing the arguments so it really is more about exercising power. Their argument boiled down to “this would have done a lot for people, which sounds like something Congress would want control of”. They sidestepped that point of authority.
I still maintain the executive branch can order the executive branch to consider the debt forgiven. They just can’t or won’t with SCOTUS being what it is.
There is precedent here for the executive branch to act, but they aren’t, which is where the ire comes from many.
Dude they literally have and are trying again. They can’t force SCOTUS to uphold it. Simple as that. To call it inaction is ridiculous. This post is about their third attempt I believe.
Like are you actually following what has happened? Are you up to date on this issue?
If the executive branch clearly had the authority to do it then it wouldn’t have gone to the courts in the first place. You just don’t understand this subject, which isn’t a crime, but to then pass it off as if the administration hasn’t actually attempted it is, again, ridiculous.
I have been following the court cases. The arguments only had standing in some extremely political courts.
My point is the Biden administration is not taking an aggressive enough approach to it. So the inaction I reference is not total inertia, just insufficient.
It is the third attempt, yes, and I guess one attempt per year is good enough for enough people.
Well plenty of people saved a ton of money during the interest freeze, I know one of my friends actually was able to squirrel away that money and pay off their total loan as a result. So that was not nothing.
I have seen the “I want a more aggressive approach” comment so many times in these discussions but I’ve never seen a solution. So if you are truly familiar with what is going on, what do you propose that hasn’t already been done?