... [+]A leading Democrat has thrown a wrench into the campaign to enact mass student loan forgiveness.yesterday, House Speaker Nancy Pelosi threw cold water on the argument that President Biden has the legal authority to cancel student loan debt using executive action. In no uncertain terms, Pelosi said that Biden “does not” have that power.
Pelosi argued that student loan cancellation can only be accomplished through legislative action by Congress. But she simultaneously made broad policy arguments against mass student loan forgiveness, suggesting that taxpayers would not want their money to be used to cancel the debts of others. Advocates for student loan cancellation slammed Pelosi for her comments, arguing that it only serves to buttress arguments from more moderate and conservative opponents of student debt forgiveness. “It is extremely appalling to hear Speaker Pelosi peddle right-wing talking points and do the political messaging work of Republicans for them,” said Braxton Brewington, spokesperson for the Debt Collective, an organization advocating for mass student loan cancellation.
Pelosi’s comments do in fact echo the arguments of opponents of broad student loan forgiveness. The fracturing of Democratic messaging over the issue could provide cover to Biden administration officials who want to limit any student debt cancellation initiatives. Former Education Department officials from the Trump administration hadthat widespread student loan forgiveness is beyond the President’s authority under existing statutes.
Just as concerning to advocates, however, were Pelosi’s comments about the utility of broad student loan forgiveness itself. While the Speaker posited that only Congress can accomplish mass cancellation of student debt, she simultaneously argued against the concept, echoingexpressed by former Education Secretary Betsy DeVos that forgiving student loan debt would be unfair to other American taxpayers.
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