In a floor speech on Thursday, Representative Alexandria Ocasio-Cortez, D-N.Y., updated her demand for the termination of student loan debt, saying the financial pressure on young Americans was “getting ridiculous.”
Ocasio-Cortez along with other progressives have conferred with President Biden to terminate student loan debt by executive order. Till now, Biden has outlasted the press, saying such a step should take place via congressional action.
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Ocasio-Cortez said “It’s teenagers signing up for what is often hundreds of thousands of dollars of debt. We just do that. Our government allows that,” adding “We give 17-year-olds the ability to sign on and sign up for $100,000 worth of debt and we think that’s responsible policy.”
According to the Federal Reserve, as of September, the amount of $1.73 trillion was estimated for the total student loan debt. A pause for a long period in payments on federal student loans executed amidst the COVID-19 pandemic is about to lapse in January.
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Ocasio-Cortez also pressed back on statements from critics about her proposal who claim a termination would bring advantage to rich Americans.
In February this year, a likewise statement was made by Biden during a CNN town hall, stating it would signify ending debt “for people who have gone to Harvard and Yale and Penn.”
“I’m greatly looking forward to the Biden administration canceling student loan debt and no longer advancing the false narratives that student loan debt is for the privileged. What a ridiculous assertion. Do we think that a billionaire’s child is taking student loans?”
Biden Should Cancel the Student Loan Debt- Ocasio-Cortez
It was regularly claimed by Ocasio-Cortez that Biden should initiate the termination of the student loan debt entirely amidst the pandemic. In October, the New York lawmaker repeated her stance during negotiations over Biden’s social spending bill.
As of now, she put down that the president wouldn’t require “permission” from moderate Senator Joe Manchin, D-W.Va., to act. Manchin has been involved in conflict with progressives on his cost of Biden’s signature law enactment.
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