TRANSCRIPT: Warren Remarks at Press Conference Reintroducing Resolution for the President to Use Executive Action Cancel Up to $50,000 in Federal Student Loan Debt
Washington, DC - Today, United States Senator Elizabeth Warren (D-Mass.), Senate Democratic Leader Chuck Schumer (D-N.Y.), and Representatives Ayanna Pressley (D-Mass.), Alma Adams (D-N.C.), Ilhan Omar (D-Minn.), and Mondaire Jones (D-N.Y.) reintroduced their resolution calling on the President to take executive action to cancel up to $50,000 in debt for federal student loan borrowers.
Elizabeth Warren: Canceling student loan debt is the single most effective executive action that President Biden can take to kick start this economy. Canceling student loan debt is the single most effective executive action that President Biden can take to help close the racial wealth gap. Canceling student loan debt is the single most effective executive action President Biden can take to lift the economic prospects of tens of millions of young Americans.
Data show that canceling the student loan debt would result in greater homeownership rates, more housing stability, improved credit scores, higher incomes, higher GDP, more small business formation and more jobs. Canceling student loan debt is good for you, whether you have student loan debt or not, because it is good for our economy.
Canceling student loan debt would help close the Black white wealth gap by 28 points for African Americans, and by a similar number for Latinos. Again, the single most effective action the President of the United States can take.
45 million Americans -- that's one in every five adults in this nation is dealing with student loan debt. We cancel $50,000 of student loan debt, and we lift the prospects, we lift the future of all Americans. So, I am honored to be here today with my partners in the House and my partner in the Senate, Leader Schumer, we're going to get this done.
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