Comments by "Elections are coming yt full censorship mode" (@Cryaboutmyhandle) on "JD Vance: Biden's student loan handout doesn't benefit borrowers" video.
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In July of 2021, House Speaker Nancy Pelosi said President Joe Biden does not have the executive authority to issue “debt forgiveness,” arguing that such action would be illegal and that it has “to be an act of Congress.”
“People think that the President of the United States has the power for debt forgiveness. He does not. He can postpone. He can delay. But he does not have that power. That has to be an act of Congress,” Pelosi said July 28 at a press conference.
“The President can’t do it. So that’s not even a discussion. Not everybody realizes that. But the President can only postpone, delay, but not forgive,” she added.
She also mentioned how voters would be mad about student loan “forgiveness,”appearing to question whether such a policy would be “fair.”
The Department of Education agreed with Pelosi, arguing in a 2021 memo that the executive branch “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof.”
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