Biden says ‘we can afford’ student debt forgiveness after GOP lawsuit

Biden says 'we can afford' student debt forgiveness after GOP lawsuit

President Joe Biden touted his historic student loan forgiveness order despite significantly scaling it back just two days earlier — and bashed Republicans who opposed it.

Biden called the cancellations a “game changer” before slamming members of the GOP during remarks at the Congressional Black Caucus Foundation Phoenix Awards.

“We can afford to cancel $10,000 in student debt and 20,000 bucks if you had a Pell Grant for Americans making under $125 grand,” Biden said.

“I don’t want to hear a word from those members of Congress, you notice, whose families got 10s of thousands of dollars and several-million dollars in pandemic relief loan forgiveness, same ones criticizing. Give me a break. Come on.”

Biden giving speech
Biden also commented on Republicans for trying to block other legislation the administration is backing.
AFP via Getty Images

On Thursday, the White House announced it would not forgive debt from borrowers whose student loans are owned by private entities as it faces several lawsuits led by Republican attorneys across the country.

House Republicans could sue over the order next year to cancel the forgiveness, should they win enough seats in Congress.

Bident also took aim at Republicans for trying to block other legislation, including the Inflation Reduction Act and the George Floyd Policing Act, but namely pointed to their effort to keep pricing caps off prescription drugs.

“Republicans blocked it,” Biden said. “Imagine being the parent of a child with Type One Diabetes knowing that if you don’t get that drug, if they don’t get that insulin, if they don’t get it on time, their health can be permanently damaged or they could die… It’s wrong!”

Student loan borrowers stage a rally in front of The White House to celebrate President Biden cancelling student debt
Student loan borrowers stage a rally in front of The White House to celebrate President Biden canceling student debt on Aug. 25, 2022.
Getty Images for We the 45m

In passing the Inflation Reduction Act, Democrats allowed Medicare to negotiate drug prices for prescription drugs, such as insulin, which was capped at $35 for out-of-pocket costs.

Biden spent also trumpeted that he championed the Child Tax Credit and increased funding for small, minority-owned small businesses.

“We’re gonna do all this while reducing the deficit,” Biden said. “I’m so sick of Republicans saying we’re the big spenders, give me a break. Give me a break.”

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