Lawmakers sound the alarm on Biden's plan to cancel student loan debt: 'Crazy idea'

Biden said in a press conference late last month he is considering canceling “some” student loan debt. 

“I am not considering $ 50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness,” Biden said.

WHITE HOUSE EYES INE CAP ON STUDENT LOAN FORGIVENESS, HAS NOT STUDIED HOW IT MAY IMPACT INFLATION

“I think it’s a crazy idea, it’s wasting too much money,” Maryland Gov. Larry Hogan, R., told Fox News Digital at the Milken Institute’s 2022 Global Conference. “We’ve been working to try and make college more affordable, we’ve been trying to help people that are struggling, but to say we’re just going to pump more money into an economy where we have out-of-control inflation… I don’t think it’s the right solution.”

 Rep. Cheri Bustos, D-Ill., said lawmakers need to look at whether the country can afford to cancel student loan debt. 

“I don’t think it can just be a blanket, ‘we’re going to wipe out all of the student loans,’” she said. “I think there’s all different kinds of levels of that we’ve got to really dig deep on.” 

Some members of the media don’t think canceling student loan debt it is such a crazy idea.

MSNBC host Mehdi Hasan cheered Biden’s plans, and encouraged him to “do it.” 

“Canceling federal student debt could be a game changer ahead of the midterms. Activists energized, base enthused, young people turning out again. And the best part: Joe Manchin wouldn’t be able to do a single damn thing to stop Joe Biden from doing it,” Hasan said.

LIBERALS LASH OUT AT REPUBLICANS FOR CRITICIZING BIDEN’S PLAN TO CANCEL STUDENT LOAN DEBT

Washington Post columnist Perry Bacon made “The political case for forgiving student loan debt.” 

“There are three big electoral reasons to forgive student loan debt,” Bacon wrote. “To appeal to younger voters and those with debt, to please the Democratic base, and to give Biden’s presidency momentum.” 

Washington Post columnist Perry Bacon wrote a column titled "The political case for forgiving student loan debt." 

Washington Post columnist Perry Bacon wrote a column titled “The political case for forgiving student loan debt.” 

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