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On Wednesday, President Joe Biden announced student loan relief of up to $20,000 for some borrowers.
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Republicans say this is an unfair burden on taxpayers, and Democrats point to the eased PPP loans.
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On Friday, Sen. Bernie Sanders joined the fray, saying the GOPers were not complaining about Trump’s bankruptcy.
It’s a loan repayment war. Republican When Democratic Party The debate continues over President Joe Biden’s decision to reduce student debt.
Vermont Senator Bernie Sanders had a typically fiery reaction on Friday.
“I heard Republicans complaining about $20,000 in student debt forgiveness. Interestingly, when Trump declared bankruptcy six times and was forgiven a $287 million loan from a major bank. , I didn’t hear those complaints,” Sanders said. murmured“Republicans love socialism for the wealthy, and rugged individualism for the rest.”
On Wednesday, Biden will $20,000 student loan forgiveness for Pell Grant Recipients Under $125,000 Annually and Up to $10,000 in Relief for other federal borrowers under the same income cap. As expected, Republican lawmakers were quick to denounce the announcement, with many arguing that broad exemptions would be costly and unfair to taxpayers.
Biden himself scold immediatelycalls into question the fairness of taxpayers who subsidize tax cuts for multi-billion dollar companies, pointing to Republican lawmakers who received business loan forgiveness during the pandemic.
Washington Post report Hillary Clinton was correct in 2016 when she claimed that Donald Trump had “six business bankruptcies.”Trump says it happened four times, and he’s counting the first three bankruptcies as one, he told The Post, The New York Times. found An analysis of 2020 tax returns showed Trump was forgiven about $287 million in debt.
Sanders is not the first Democrat to scrutinize Republican backlash to Biden’s relief.After Senate Minority Leader Mitch McConnell called Massachusetts Sen. Elizabeth Warren said the president’s student loan forgiveness was “amazingly unfair.” quick response Note that when McConnell graduated from the University of Louisville, he was only paying $330 a year in tuition.
“Senator McConnell graduated from school that costs $330 a year,” Warren wrote on Twitter Thursday. “Today it costs over $12,000. McConnell has done nothing to fix it.” And mad that the president is stepping up to help millions of working Americans who are drowning in debt…he can spare a lecture on fairness .”
The White House itself uses Twitter call on some Republican lawmakers By name — who was forgiven of a Paycheck Protection Program (PPP) loan while complaining about Biden bailout. Meanwhile, Republican Senator Marco Rubio I have written In an editorial on Friday that PPP loans and student loans cannot be compared, Bharat Ramamurti, Deputy Director General of the National Economic Council, said, “I absolutely believe this is a fair comparison.”
The Department of Education is set to release details of Biden’s bailout plan in the coming weeks, and an application for loan forgiveness will be made public. Early October.
Read the original article at business insider