White House shrugs off student debt cancellation inflation concerns

The White House downplayed concerns that President JoeBiden forgiving certain federal student loan debt will worsen inflation.

White House press secretary Jen Psaki declined to comment Thursday on modeling by nonprofit organizations, such as the Committee for a Responsible Budget, that Biden exercising executive power to cancel select student debt would exacerbate rising consumer prices, especially since the president had not presented any proposals yet.

Psaki similarly dismissed speculation that West Virginia Democratic Sen. Joe Manchin may not support renewed attempts to pass a social welfare and climate-focused spending bill before November’s midterm elections if Biden were to forgive less than $50,000 in student debt for some borrowers. Manchin decided against endorsing Biden’s signature $2 trillion-plus"Build Back Better" agenda last year because of the economy.

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