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Biden balks at $50K student loan forgiveness plan

President BidenJoe Biden 64 percent of Iowans say 'time for someone else' to hold Grassley's Senate seat: poll Philadelphia shooting leaves 2 dead, injures toddler Ron Johnson booed at Juneteenth celebration in Wisconsin MORE on Tuesday balked at forgiving $50,000 in student loan debt, saying he doesn't have the power to do so unilaterally.

"I do think in this moment of economic pain and strain that we should be eliminating interest on the debts that are accumulated, No. 1. And No. 2, I'm prepared to write off the $10,000 debt, but not [$50,000]," Biden said, saying he doesn't believe it can be done with presidential action.

The White House previously said the Office of Legal Counsel was reviewing whether Biden could unilaterally cancel federal student loan debt.

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That came after White House press secretary Jen PsakiJen PsakiOvernight Defense: Pentagon pulling some air defense assets from Middle East | Dems introduce resolution apologizing to LGBT community for discrimination | White House denies pausing military aid package to Ukraine White House denies pausing military aid package to Ukraine Joe Rogan slams CNN's Stelter: 'Your show is f---ing terrible' MORE said Biden would sign a bill forgiving $10,000 of student loan debt if Congress passed a bill.

A group of Democratic lawmakers led by Senate Majority Leader Charles SchumerChuck SchumerCentrists gain foothold in infrastructure talks; cyber attacks at center of Biden-Putin meeting Five takeaways on the Supreme Court's Obamacare decision Senate confirms Chris Inglis as first White House cyber czar MORE (N.Y.) and Sen. Elizabeth WarrenElizabeth WarrenCentrists gain foothold in infrastructure talks; cyber attacks at center of Biden-Putin meeting Democrats have turned solidly against gas tax Overnight Health Care: Takeaways on the Supreme Court's Obamacare decision | COVID-19 cost 5.5 million years of American life | Biden administration investing billions in antiviral pills for COVID-19 MORE (Mass.) reintroduced a measure earlier this month calling on Biden to forgive up to $50,000 in federally held student debt per borrower.

Supporters argue that Biden has the authority and responsibility to forgive student debt as the coronavirus pandemic roils the U.S. economy and imposes the greatest burden on those least able to afford it.

The push to erase student loan debt is likely to run into GOP opposition, and some critics have questioned whether the Education secretary has the legal power to forgive student debt.