September 26, 2022

Majority Leader Schumer & Senator Warren Joint Statement on CBO Estimate of Student Debt Cancellation

Washington, D.C. – Senate Majority Leader Chuck Schumer (D-N.Y.) and United States Senator Elizabeth Warren (D-Mass.) released the following joint statement on the Congressional Budget Office (CBO) estimate of student debt cancellation:

“Today’s CBO estimate makes clear that millions of middle class Americans have more breathing room thanks to President Biden’s historic decision to cancel student debt. In contrast to President Trump and Republicans who gave giant corporations $2 trillion in tax breaks, President Biden delivered transformative middle class relief by cancelling student debt for working people who need it most — nearly 90% of relief dollars will go to those earning less than $75,000 a year. We don’t agree with all of CBO’s assumptions that underlie this analysis, but it is clear the pandemic payment pause and student debt cancellation are policies that demonstrate how government can and should invest in working people, not the wealthy and billionaire corporations.”