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Tags: white house | senate | college | loans | students

Sen. Cotton: Debt Forgiveness — Don't Include WH Employees With Student Loans

Tom Cotton
Sen. Tom Cotton, R-Ark. (Getty Images)

By    |   Tuesday, 24 May 2022 02:43 PM EDT

Sen. Tom Cotton, R-Ark., might be willing to support some variation of student-loan forgiveness down the road.

But this tepid endorsement comes with a significant caveat.

"Every White House employee with student loans should be banned from working on [President] Biden's scheme to transfer student loan debt to the taxpayers," Cotton wrote on Tuesday, via Twitter. "It's a clear conflict of interest."

With President Joe Biden mulling a decision on student loan forgiveness, with initial phases of the program reportedly covering up to $10,000 (for those with household incomes under $125,000), Cotton and his GOP colleagues have been quick to dismiss any type of "forgiveness" program that eliminates a percentage of debt for students — but transfers the monies owed over to the American taxpayer.

Cotton's Tuesday tweet runs similar to a social-media post from last month, when the Arkansas Republican said, "Biden wants to raid the [U.S. Treasury] to bribe his progressive base to turn out for the midterms."

It also complements the opinion of Rep. Virginia Foxx, R-N.C. — the highest-ranking Republican on the House education committee — who recently said that canceling student debt would exacerbate inflation and come at a great cost to taxpayers.

As an example, Foxx cited the $150 billion cost for pausing student loan payments during the COVID-19 pandemic.

Cotton's "conflict-of-interest" concerns could apply to a large number of government officials.

Citing a Bloomberg News report, the Office of Government Ethics has found that at least 30 senior White House staffers have outstanding student loan balances.

All told, the aforementioned aides have a combined student loan debt of approximately $4.7 million, and more than half of the borrowers are persons of color.

"The more President Biden cancels, the more we narrow the racial wealth gap among borrowers and the bigger the boost to Americans' economic futures," Sen. Elizabeth Warren, D-Mass., recently said in a statement. "This is the right thing to do."

According to Business Insider, a younger Joe Biden borrowed roughly $280,000 to help put his children and grandchildren through college.

With the November midterm elections still five months away, Biden seemingly has time to craft an executive order covering student loan forgiveness.

President Biden has reportedly asked the Education and Justice Departments to review his legal ability to cancel a large amount of student debt.

© 2022 Newsmax. All rights reserved.


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Sen. Tom Cotton, R-Ark., might be willing to support some variation of student-loan forgiveness down the road. But this tepid endorsement comes with a significant caveat.
white house, senate, college, loans, students
386
2022-43-24
Tuesday, 24 May 2022 02:43 PM
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