WASHINGTON (NEWS10) — Democratic Sens. Chuck Schumer and Elizabeth Warren, representing New York and Massachusetts, want to cancel student loan debt for federal borrowers. On Thursday, they introduced a resolution that calls on the president to cancel up to $50,000 of student loan debt in an effort to heal the pandemic economy.
In their statement on the resolution, Schumer and Warren said, “In the middle of an economy that’s been badly hit by the pandemic, the student debt crisis acts like an anchor, preventing a swift recovery and restricting opportunity and prosperity for millions of American families.”
The senate resolution outlines how the president can use executive authority to stimulate the economy through canceling these debts. The move would aid a labor force that is vulnerable to layoffs and furloughs, lift stalling real estate markets, increase graduation rates, and make it easier to take out a loan for a car, a piece of property, or starting a small business.