Senate Minority Leader Chuck Schumer (D-N.Y.) is urging President-elect Joe Biden to act quickly once he is sworn in to forgive up to $50,000 in student debt per borrower.
During a press conference on Monday, Schumer said, “We have come to the conclusion that President Biden can undo this debt, can forgive $50,000 of debt the first day he becomes president.”
“You don’t need Congress, all you need is the flick of a pen,” he added.
Schumer went on, “Just one flick of a pen could reduce 25% of the wealth gap between Blacks and whites. And 27% of the wealth gap between white and Latinx, brown.”
He noted that the Federal Reserve said the move would be a “huge shot in the arm to the economy.”
Watch the video below:
Sen. Schumer (D-NY) on why Biden should cancel $50K in student debt:
— The Recount (@therecount) December 7, 2020
“Just one flick of a pen” could reduce up to 27% of the wealth gap between whites and other groups. pic.twitter.com/5mD0Q0QNxH
Last week, Sen. Elizabeth Warren (D-Mass.) voiced her support for Biden canceling student debt and argued that he would not need to wait for Congress to pass legislation.
“Student loan debt is different,” she said, adding, “All on his own, President-elect Biden will have the ability to administratively cancel billions of dollars in student loan debt using the authority that Congress has already given to the secretary of education.”
Biden has previously voiced support for canceling student debt. However, his aides said he believes Congress would have to act.
Last month, Biden said he would like to see the “immediate $10,000 forgiveness of student loans, helping people up there in real trouble.”
“They’re having to make choices between paying their student loan and paying the rent. Those kinds of decisions,” he added.