Politics & Finances

Bernie Sanders Lays Into GOP For Backlash Against Student Loan Forgiveness

Bernie Sanders Lays Into GOP For Backlash Against Student Loan Forgiveness

Vermont Senator Bernie Sanders has laid into the GOP for the party's backlash against President Biden's recent student loan forgiveness proposal.

An official White House fact sheet shared details about Biden's plan, which will eradicate $10,000 in student loan debt for those who do not have Pell Grants and make under $250,000 per year for couples filing jointly and $125,000 per year for others. Those who meet the income requirements and did receive federal Pell Grants stand to have $20,000 in debt forgiven.

The White House noted that nearly one-third of all borrowers, particularly those in vulnerable populations, have debt but no degree to show for the debt they accrued while taking college courses.

Capitol Hill Republicans on the whole have not supported the student loan forgiveness plan, suggesting that it will end up costing American taxpayers hundreds of millions of dollars.

Now, progressive Sanders has weighed in on George Stephanopoulos's ABC News This Week. The 80-year-old Democrat said:

“Look, I know it is shocking … to some Republicans, that the government actually, on occasion, does something to benefit low income families and working people. I don’t hear any of these Republicans squawking when we give massive tax breaks to billionaires.”

One of Sanders's dissenters, retiring GOP Senator Roy Blunt (R-MO) also spoke to Stephanopoulos, saying:

“You can’t forgive that much debt and assume people won’t spend the money for other things – it’s gonna take $24 billion that should have been coming into the federal government every year in payments and make that available for spending."

The promise of student loan forgiveness for tens of millions of borrowers comes on the heels of the passage of the Democrat-backed Inflation Reduction Act of 2022, a sweeping tax and climate bill that was passed along party lines without the support of a single Republican Congressperson. 

What do you think about Bernie Sanders's comments?

You Might Also Enjoy:

share this post
Search for matches...
Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts