Source: United States Senator for Ohio Rob Portman
August 24, 2022 | Press Releases
WASHINGTON, D.C. – Today, U.S. Senator Rob Portman (R-OH) issued the following statement after President Biden announced that he would unilaterally cancel up to $20,000 for certain borrowers who hold federal student loan debt:
“One-time debt forgiveness eliminates some of the burden on those who are carrying debt but it is unfair to everyone else who will have to pay for it, including those who paid off their debt, those parents who saved to help their children attend college, and those who did not have the privilege to attend college.”
“According to Penn/Wharton, today’s action by the Biden administration will actually cost the American taxpayer over $300 billion, saddling future generations with even more debt to pay off in the form of higher taxes. This will also add to record inflation and is not the way to grow our economy in the long-term. Finally, there is also considerable uncertainty about the legality of this unprecedented administrative action.”
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