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Biden Reportedly Nearing Announcement on Federal Student Debt “Cancellation”

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Likely as part of a desperate attempt to boost the youth votes ahead of midterms, Jen Psaki confirmed that executive action on student debt is still on the table.

Earlier on Monday, Biden reportedly suggested to lawmakers that he was looking not only at further extending the pause on federal student loan payments, but announcing a broader cancellation of “most” federal student loan debt during a closed-door meeting with members of the Congressional Hispanic caucus.

According to CBS:

President Biden is looking at different options to forgive most, if not all, federal student loan debt — a move that would thrill some of his most loyal supporters and financially strapped students nationwide, but is a departure from campaign pledges to provide limited relief.

The president shared his plans during a 90-minute White House meeting Monday with members of the Congressional Hispanic Caucus, participants in the exchange tell CBS News. The move could affect more than 43 million borrowers who hold more than $1.6 trillion in federal student loan debt, the second-largest debt held by Americans, behind mortgages.

Earlier this month, the White House said it is extending a pandemic-era pause on federal student loan payments through August 31.

Psaki was later asked about the reports, only confirming that Biden was “continuing to look” at his options.

Biden has been hemorrhaging support among everyone, but even more so among young voters, a group that has relatively low voter turnout by generally votes heavily Democrat in elections. In the 2020 election 65% of young voters picked Biden over Trump – but Biden’s support among 18-30 year olds is now only 31% (down from a high of 70% in February 2020).

Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros

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