Facing the Future

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The Biden Student Loan Forgiveness Plan: Is it Legal?

September 29th, 2022

This Week on Facing the Future, we ask the Concord Coalition's chief economist Steve Robinson whether President Biden's executive action forgiving up to $20,000 in college loan debt for some students exceeds Presidential authority. The Constitution gives Congress sole authority to appropriate federal funds. Some estimate the student debt forgiveness will cost taxpayers at least $500 billion, which would be the largest federal expenditure without Congressional approval in American history. Plus we get updates on Congressional budget action and how the economy is reacting to the Fed's efforts to fight inflation.

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