“I’m thinking of dealing with some debt reduction,” Biden said in response to a question from the White House. “I am not considering reducing the $ 50,000 debt. But I am in the process of taking a closer look at whether or not there will be additional debt write-off.” The president said he would have an answer for the extra debt write-off in the “next two weeks”. Mr Biden’s comments came days after he gave one of his strongest messages that he wanted to cancel student loan debt during a meeting with the Spanish-speaking group in Congress on Monday. Democrat Tony Cardenas of California, who attended the meeting, said the president never mentioned a specific amount he wanted to cancel, but said he was open to writing off debt for borrowers regardless of whether they attended private or public institutions. When the lawmaker reiterated that the parliamentary group supports the cancellation of the $ 10,000 student loan debt, the president said, “You will like what I do,” according to Cardenas. In response to the president’s meeting Monday, some Republican lawmakers criticized Biden for considering forgiving student loan debt. Utah Sen. Mitt Romney wrote on Twitter that “desperate polls call for desperate action” and mockingly claimed that Biden was trying to “bribe” voters. During his campaign, Biden said he would cancel his $ 10,000 student loan debt and called on Congress to act. It has extended the pandemic-related pause for repaying federal student loans several times, most recently through August 31st. The White House has previously expressed concern that widespread student debt relief could face legal challenges if implemented through enforcement, and the president last year asked his team to consider its legal options. The pressure on Biden to act intensifies as the midterm elections approach. Some Democrats, such as Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren, have reiterated calls for the president to cancel his $ 50,000 student loan debt, which appears to be off-bank. White House spokeswoman Jen Psaki said the decision to cancel the student loan debt will be taken from now until August 31, when loan payments will resume. Some Republican lawmakers and organizations oppose extending the pandemic, which saves some 41 million borrowers about $ 5 billion a month in student loan interest payments. The pause was originally scheduled to end in early May. In the meantime, the Ministry of Education has made some changes to the existing loan write-off programs. Since taking office, the Biden government has forgiven more than $ 17 billion in student loan debt, including borrowers who have been defrauded from their schools, those with permanent disabilities, and those with Debt-based income or Debt payment plans. Service.

Sarah Ewall-Wice

CBS News reporter covering economic policy.