WASHINGTON (CBS) -- Massachusetts Sen. Elizabeth Warren and Rep. Ayanna Pressley are among the Democrats calling on President Joe Biden to cancel $50,000 in federal student loan debt for Americans. They and other progressives introduced a resolution Thursday urging Biden to use executive action to wipe out billions in student loan debt.
According to CBS News, the measure is unlikely to succeed because Biden has previously pledged to forgive up to $10,000 via Congressional action. But then didn't stop Warren, Pressley and Senate Majority Leader Chuck Schumer from making their case at a news conference outside the Capitol.
Warren said the $650 billion initiative "is the single-most effective executive action" Biden can take to kick-start the economy and close the racial wealth gap. She said it would result in greater home ownership rate, better credit scores and more jobs.
"Canceling student loan debt is good for you, whether you have student loan debt or not, because it is good for our economy," she said.
Pressley said Biden should be "responsive to the movement that elected him." The first Black Congresswoman from Massachusetts also stressed the need to close the racial wealth gap, arguing that systematic racism has "forced our families to take on student debt for the chance at the same degree as our white counterparts."
White House Press Secretary Jen Psaki reacted to the student debt proposal on Twitter.
"The President continues to support the cancelling of student debt to bring relief to students and families," she tweeted. "Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress."
According to the Federal Reserve Bank of New York, federal student loan debt reached a new high in 2021, affecting over 40 million Americans.
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