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Chuck Schumer “I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished" via Joe Biden Executive Qrder

President-elect Joe Bide issue an executive order to cancel college student debt when he gets control of the White House, Sen. Democratic leader Chuck Schumer said. issue an executive order to cancel college student debt when he gets control of the White House, Sen. Democratic leader Chuck Schumer said.

“I have a proposal with Elizabeth Warren that the first $50,000 of debt be vanquished,” said Chuck Schumer. “And we believe that Joe Biden can do that with the pen as opposed to legislation.”

In his own press release, the New York senator said his plan would provide complete forgiveness of student loans for more than 75% of borrowers across the country and at least some debt forgiveness for 95% of people with student loan debt.

"Biden-Harris can cancel billions of dollars in student loan debt, giving tens of millions of Americans an immediate financial boost and helping to close the racial wealth gap," Warren wrote on Twitter "This is the single most effective executive action available for a massive economic stimulus."

Schumer said Biden should use existing executive authority under the Higher Education Act to substantially cancel student loan debt and ensure there is no tax liability for federal student loan borrowers resulting from debt collection.

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