Biden Trying To Buy More Votes
President Joe Biden is gearing up for a renewed effort towards significant student loan forgiveness, according to a report by The Wall Street Journal.
In June, the Supreme Court ruled against the Biden administration’s previous attempt to cancel or reduce student loans, citing overreach of authority. This decision, with conservative justices comprising the majority, effectively halted the $400 billion initiative. The plan aimed to eliminate up to $20,000 in student debt for individuals earning less than $125,000 annually.
Now, as the presidential election looms just seven months away, the administration is preparing to unveil a fresh proposal, as per The Journal’s report on Friday.
President Biden intends to unveil the new plan during a speech scheduled for Monday in Wisconsin, a critical swing state, the report noted.
With polls indicating a decline in support for President Biden among young voters, his team sees the push for debt forgiveness as a potential strategy to reverse this trend.
Even Democratic strategist James Carville voiced concerns on his “Carville’s Classroom” podcast, lamenting the party’s dwindling support among young demographics.
The forthcoming loan relief proposal is expected to face legal challenges from Republican attorneys general, who may seek to block it in court.
Administration officials, however, assert that the new plan will delineate specific conditions for debt cancellation, distinct from the broader approach that was struck down by the Supreme Court.
Just recently, a coalition of GOP-led states filed a lawsuit against the Biden administration to halt a new student loan repayment plan, arguing that it mirrors Biden’s initial attempt at student loan forgiveness.
The proposed plan, developed by the Education Department, is grounded in the Higher Education Act of 1965, according to The Journal. It aims to provide debt relief for borrowers burdened by high debt-to-income ratios, those who have carried their debt for an extended period, accruing interest, and individuals eligible for relief through existing federal programs but have not applied.