Cathy McMorris Rodgers speaks on Biden’s student loan forgiveness plan

SPOKANE, Wash. — Eastern Washington Congresswoman Cathy McMorris Rodgers released a statement responding to President Biden’s student loan forgiveness plan on Wednesday.

Biden’s plan looks to deliver on a campaign promise to give millions of Americans $10,000 in student debt cancellation, as well as up to $10,000 more for those with the greatest financial need. This applies to those who make less than $125,000 a year.

“Last week, President Biden signed legislation to raise taxes on nearly every single American. Today, he is doubling down on misguided economic policy by canceling up to $20,000 in student debt for individuals who made the conscious choice to take out loans for higher education. This action is a dramatic overreach of his authority, and it’s a slap in the face to every hardworking person in Eastern Washington who will now have to foot the bill.

“Taking out loans to pursue a college degree is a personal choice. Part of making that decision is accepting responsibility for repaying the money you borrowed. Passing the burden of paying this debt to taxpayers–who either already paid off their loans or never took on any in the first place–is unfair to those who played by the rules and will only lead to more inflation and higher costs for those who can least afford them. Our goal should be to lower the cost of higher education for all Americans, which has skyrocketed nearly 200 percent over the last 40 years, not giving handouts to highly educated borrowers on the backs of everyone else.

“While pretending the president can make debt disappear with the stroke of a pen may sound nice, it’s a pie-in-the-sky belief that fundamentally defies basic economics. Families are already paying an extra $500 per month thanks to record-high inflation, and adding $300 billion to the deficit will only make things worse. The American people cannot afford Democrats spending like kids in a candy store.”

The final student loan repayment pause would be extended through the end of 2022. Undergraduate loan repayment can also be capped at five percent of income.

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