THE PRESIDENT DOES NOT POSSESS THE STATUTORY POWER TO FORGIVE OR CANCEL LOANS
“People think that the President of the United States has the power for debt forgiveness — he does not.” – Nancy Pelosi
Biden again knowingly subverted the will of Congress when he transferred loan payments for millions of affluent students to taxpayers in hopes of affecting the 2022 midterms.
The president does not possess the statutory power to “forgive” or “cancel” loans.
Just ask congressional leaders like Nancy Pelosi, who correctly noted that “[p]eople think that the President of the United States has the power for debt forgiveness — he does not.”
He did it anyway. Unilaterally. The president used the emergency powers found in the HEROES Act, passed after 9/11 to help U.S. soldiers fighting in Iraq and Afghanistan, to justify his decree.
We know that Joe Biden cynically exploited the bill, because, by his own recent admission on “60 Minutes,” he concedes there is no emergency.
David Harsanyi is a senior editor at The Federalist. Harsanyi is a nationally syndicated columnist and author of five books—the most recent, Eurotrash: Why America Must Reject the Failed Ideas of a Dying Continent. His work has appeared in National Review, the Wall Street Journal, Washington Post, Reason, New York Post, and numerous other publications. Follow him on Twitter, @davidharsanyi.