House Speaker Nancy Pelosi (D-CA) said on Wednesday that President Joe Biden does not have the power to forgive student loan debt, knocking a key Biden campaign promise that remains unfulfilled.
“People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress,” Pelosi said during a Wednesday press conference, according to the Daily Caller.
“That has to be an act of Congress,” Pelosi says. pic.twitter.com/2V7ALDDG3y
— Michael Stratford (@mstratford) July 28, 2021
The words stand at odds with the urging of Senate Majority Leader Sen. Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) who have continued to urge Biden to “wipe out $50,000 per borrower.”
— The Hill (@thehill) July 27, 2021
Biden’s presidential campaign included the commitment to end $10,000 of student loan debt per student. However, progress has not been seen on the issue, with Schumer, Warren and others urging the president to forgive student debt through executive order.
Biden is not expected to announce executive action on student loan forgiveness. Instead, he plans to pursue the campaign promise through legislation, an effort unlikely to succeed, except in perhaps forgiving loan debt for those already in default.
Sadly, one of the most appealing campaign promises to Biden’s voters is unlikely to be fulfilled. Despite urging from his own party, Pelosi is likely correct that Biden will do nothing through executive action to end student loan debt.