After earlier reports that the president was considering it more seriously, new reports say he now intends to move forward.
Two sources told The Hill that President Joe Biden has made up his mind and will move unilaterally to cancel student debt for a significant amount of borrowers.
While falling short of the $50,000 per borrower that many Democrats have pushed for, Biden is expected to cancel at least $10,000.
“But the door has been open to possibly larger,” one of the sources said. “Lots of options on the table. They are doing a lot of listening right now.”
The source added that no timeline has been set, but with falling approval polls and midterms around the corner Biden will undoubtedly want to act soon.
Majority Whip James Clyburn (D-SC) said the inevitable action does not go far enough.
“I would see that as a good first step,” Clyburn said. “Whatever he feels comfortable doing, fine. And I’m going to do whatever I feel comfortable doing.”
“I’m not going to be comfortable with only at $10,000,” he added.
He is pushing the administration toward a legislative path for up to $50,000 in debt forgiveness in tandem with progressives such as Senator Elizabeth Warren (D-MA).