How much money can we give away on day one?

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Joe Biden May Use Executive Action To Relieve Student Debt — Here’s What Experts Say Would Happen

President-elect Joe Biden, who promised to relieve some student loan debt on the campaign trail, is facing growing calls from fellow Democrats and activists to do so via executive order soon after taking office.

Biden’s campaign plan called for the elimination of $10,000 in student loan debt for any American who had it, with further reductions for graduates of public colleges or historically black colleges and universities making less than $125,000 per year, per CNBC.

With Democrats needing to win both runoff elections in Georgia to secure a 50-50 tie in the United States Senate, some within the party have begun advocating for steps Biden might be able to take without the help of congress.

Democratic Senator Elizabeth Warren said in a Washington Post op-ed that the Biden-Harris administration should eliminate billions of dollars in student debt via executive action on day one. She joined Senate Minority Leader Chuck Schumer and 11 other Democrats to introduce a resolution in September calling for the next President to eliminate $50,000 of student debt per borrower with executive action, according to the Wall Street Journal.

New York Representative Alexandria Ocasio-Cortez also argued the Biden administration could take action without needing Senate approval in an Instagram video. However, not all experts agree on whether it would be legal for Biden to make a move on student loan debt without passing it through congress first. -- Well, since Twitnit speaks up on social media, well then that's that.

Some have cited President Donald Trump’s actions to suspend student debt payments due to the pandemic as evidence that Biden could take similar action to relieve debt, but higher education expert Mark Kantrowitz told the WSJ that Trump’s order could have been stopped by a court challenge, believing it to have been illegal. He says that while “nobody was going to do that” to stop the loan suspensions, Republicans likely would sue to stop full-blown debt forgiveness.

University of Chicago law professor Ryan D. Doerfler told CNBC that legal opponents may say the executive branch can only relieve debt for certain people or certain situations, limiting the scope of Biden’s potential action.

A theory posited by some Democrats contends that the Department of Education can relieve student loan debt through the Higher Education Act of 1965. A paper published by Yale Law School PhD student Luke Herrine is often cited, in which he says “The Department of Education has already been given the authority “compromise, waive, or release” its claims against students, and nothing under current law clearly limits that authority.”

Even if Biden were able to relieve $10,000 of student loan debt without the approval of congress, opinion among experts and economists varies on how helpful that would be to the overall economy.

Rest - https://dailycaller.com/2020/11/27/j...zabeth-warren/