Biden Facing Pressure by Democrats to Tackle $1.6 Trillion Student Debt

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  • Bloomberg Quicktake: Now published this video item, entitled “Biden Facing Pressure by Democrats to Tackle $1.6 Trillion Student Debt” – below is their description.

    Democrats are set to take control of the U.S. Senate, House and presidency, paving the way for Joe Biden to bring his legislative agenda to life and reshape the American economy.

    Following runoff elections in Georgia this week, the Democrats and Republicans will each have 50 votes in the Senate. The even split would give Democratic Vice President Kamala Harris the tiebreaking vote on some bills, but centrists like West Virginia’s Joe Manchin could break ranks and derail some progressive policies. What’s more, some laws need 60 votes to pass.

    Biden was recognized by Congress as the next president early Thursday following a day of violence at the U.S. Capitol when pro-Donald Trump mobs breached police lines and entered the building. Here are some of the key issues related to personal finances that Biden and the Democrats are likely to take up once they formally assume power.

    Biden has already faced increased pressure by members of his own party to tackle some of the nation’s $1.6 trillion in student debt.

    Democrats have urged him to bypass Congress and act through his own executive authority, but Biden has indicated that he doesn’t plan to act unilaterally. With Republican support for student loan forgiveness virtually non-existent, and even some moderate Democrats opposing it, the issue may not come to the Senate floor even if it’s held by the Democrats.

    Biden has proposed a plan to make two- and four-year public colleges free for families that earn less than $125,000. He also supports canceling federal student debt for students from undergraduate universities and from private historically Black colleges and universities for the same income bracket.

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