Mr. Biden “continues to support” the canceling of student debt, the White House press secretary, Jen Psaki wrote on Twitter. “Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress,” she added. The resolution, which would have no legal effect if passed, calls for cancellation for all borrowers, whereas a previous Democratic proposal limited the program to people earning under $125,000 per year. An economic working paper published by the Roosevelt Institute casts debt forgiveness explicitly in racial-justice terms. The total percentage of Black households that would benefit would be greater than white households, and the relative gains for those households’ net worth are far larger, the researchers found.

Source: New York Times February 04, 2021 21:00 UTC