Debt Relief Denial and Anxiety: The Political and Economic Implications

Education Secretary Miguel Cardona criticized Speaker of the House Kevin McCarthy's proposal to raise the debt ceiling, which includes banning student-loan forgiveness and ending the payment pause. Cardona said the legislation will harm McCarthy's own constituents, including over 83,000 borrowers in his district. McCarthy's bill is unlikely to be signed into law, but it shows where Republicans' priorities lie, as they continue to oppose any student-debt relief efforts. Biden has maintained confidence in his debt relief's legality and criticized McCarthy's efforts to prevent millions of borrowers from receiving student-loan forgiveness.