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- Progressive lawmakers continue the push for Biden to cancel student debt through executive action.
- They argue legislation will take too long, and using an executive order would be quicker.
- The stimulus' tax exemption on student loan forgiveness paves the way for Biden to act, they say.
- See more stories on Insider's business page.
Democrats are celebrating the passage of the American Rescue Plan as a win for Americans and are now beginning to look forward to an infrastructure spending bill. That leaves another major agenda from the 2020 campaign not on the legislative agenda: canceling student debt.
Since President Joe Biden took office in January, Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren have been urging him to take action to cancel up to $50,000 in student-loan debt per person. Along with other progressive lawmakers, they have argued that Biden has the executive authority to do so without legislation from Congress, but he's said he doesn't believe he has that authority. Biden, who campaigned on canceling up to $10,000 per person, has said he's still open to taking action on that figure.
In a press call on Monday, Schumer said that if Biden can cancel $10,000 in student debt, there's no reason why he cannot cancel $50,000.
"If it's okay legally to do a small amount, it's okay legally to do a larger amount," Schumer said.
-Chuck Schumer (@SenSchumer) March 15, 2021
During a CNN town hall on February 16, the president said he would support the higher amount of debt cancellation, but only through legislation, because that would be harder to undo than an executive action.
During Monday's press call, Warren argued that while she has legislation drafted, there's a "real advantage" to taking action through an executive order because it doesn't have to go through a budgeting process, ensuring quick implementation.
"We have a lot on our plate, including moving to infrastructure and all kinds of other things," Warren said. "I have legislation to do it, but to me, that's just not a reason to hold off. The president can do this, and I very much hope that he will."
White House Press Secretary Jen Psaki said during a press briefing on February 17 that the Justice Department will review Biden's ability to cancel student debt through executive action. Schumer said that if the president chooses not to act, Democrats will have to pursue other options, but executive action remains "far and away, the quickest, best, and easiest" method.
-Jen Psaki (@PressSec) February 4, 2021
Despite being unable to sway Biden thus far, Warren succeeded in including a provision in the American Rescue Plan that exempted student loan forgiveness from taxation through 2025. She and other Democrats who support action on student-loan debt believe this exemption paves the way for Biden to cancel up to $50,000 per person.
"The American Rescue Plan is a strong, progressive law that will help millions of middle class, working class, and poor families across this country," Warren said during the press call. "Cancelling student loan debt is a perfect follow-up, and this new tax law helps pave the way."
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