WASHINGTON — President Joe Biden shot down speculation that he is open to canceling up to $50,000 in debt for federal student loan borrowers Thursday, after Democratic lawmakers in favor of forgiveness suggested he was moving in their direction.
"I am considering dealing with some debt reduction," Biden told reporters at an event highlighting his request to Congress for additional aid for Ukraine. "I am not considering $50,000 debt reduction. But I'm in the process of taking a hard look at whether or not there will be additional debt forgiveness."
Biden has faced increasing pressure to announce how he plans to address student loan debt, a key issue for many younger voters who make up a critical part of the Democratic base. Members of his party have urged him to use executive action to either fulfill his campaign promise of forgiving $10,000 in debt for borrowers, or issue more generous relief.
