(TheRedWire.com) – President Biden is proposing almost $4 trillion in new spending next year for infrastructure and expanding the social safety net. However, his budget proposal for the 2022 fiscal year is missing an item important to the far-left agenda.
The president’s budget isn’t expected to include student loan forgiveness. The White House says the budget won’t include any new initiatives due to the massive spending already proposed.
Too bad for all those debt ridden Russian Poetry majors with $200k in student loan debt. Cannot find a job and wasted your vote on Biden broken promise!
Biden likely to drop student loan forgiveness from budget despite pressure from progressiveshttps://t.co/FJZtx7aNXE
— seaside folley 🇮🇱🏴☠️🇺🇸⛵🏝🏌️♂️ (@dwbnseaside) May 26, 2021
Far-left Democrats aren’t happy about Biden’s student loan exclusion. Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) introduced a resolution in February demanding that the president take unilateral action and eliminate up to $50,000 in student loan debt per borrower. Rep. Alexandria Ocasio-Cortez (D-NY) says she’ll accept that as a bare minimum but said Democrats should push Biden for full student loan cancellations.
Some economists say that canceling student loan debt may not help the broad economy much. They suggest it could disproportionately benefit wealthy Americans who can easily pay back their debts. Many Conservatives feel that those who borrowed the money are morally obligated to pay back their loans, and borrowers shouldn’t force taxpayers to carry their financial burdens based on their personal choices.
Additionally, it’s likely legal challenges would be filed against any executive action designed to wipe out student loan debt, making it questionable whether such an action would survive legal scrutiny.
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