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Biden extends forbearance on federal student loan repayments until May 2022 - YouTube
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president biden is extending the pause
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on student loan repayments through may
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1st the so-called administrative
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forbearance was set to expire on january
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31st the program started back in march
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2020 as part of the cares act passed
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under former president trump the pause
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on payments affects as many as 41
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million federal student loan holders
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despite the extension the president is
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still feeling pressured to do more about
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the immense amount of student debt in
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the u.s for more we're joined by cbs
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news chief washington correspondent
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major garrett major great to see you the
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white house has let many of its pandemic
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relief programs run out such as the
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eviction moratorium and increased
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unemployment benefits so why did the
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biden administration decide to extend
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the pause of student loan repayments
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it's a really good question and the
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white house said today through
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spokeswoman jen saki that because of the
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omicron variant and other complicating
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factors those are her words precisely
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the administration decided to take this
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step and it's worth remembering that
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even a couple of weeks ago
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this white house publicly was very
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lukewarm about another extension for
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student loan payment pausing and it was
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kind of felt here at the white house it
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would not be extended but with omar
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cronin and other factors plus it's worth
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pointing out intense public pressure
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from progressive democrats to do
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something about this issue the white
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house moved and put together this
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three-month extension and certainly
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those progressives who called for it
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applauded that but said they want the
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administration to take much more
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aggressive actions in the future
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well that being said major president
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biden campaigned on wiping out a portion
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of the debt held by federal student loan
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borrowers he has yet to follow through
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on that so despite a lot of pressure and
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criticism from members of his own party
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is pressure mounting on the president to
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do something about student loan debt
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yes and this is a long simmering issue
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and as you said during the campaign
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then candidate biden said he wanted to
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do something about the intense burden of
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student loan debt he wasn't that
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specific since he's become president he
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said he's willing to go up to ten
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thousand dollars in loan forgiveness but
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there are plenty of democrats in the
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house and senate who want him to be much
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more aggressive 50 000
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in student loan forgiveness the white
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house is not prepared to go that far and
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the president has also said he wants
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congress to do this not use executive
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authority there are some in congress on
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the democratic side who believe the
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president has
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with the power of an executive order
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exactly that authority to
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remove upwards of fifty thousand dollars
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in student loan debt the white house
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disagrees this issue will continue but
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for time with this pause until may 1st
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the administration hopes it's bought
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some time to have deeper discussions
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about the future student loan repayment
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and student loan debt
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major i want to circle back on something
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you briefly touched on during his
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tuesday address on the omicron variant
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president biden continued to urge people
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to get vaccinated but he did not
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implement any additional measures such
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as travel restrictions or urging public
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events to be canceled are measures like
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that something the white house might
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consider if we continue to see a surge
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in cases
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consider yes implement probably not and
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at the briefing today jensachi was asked
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about a neighboring school district here
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in the nation's capital prince george's
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county which has
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basically gone to online learning for
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the first full month of next year 2022.
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jan saki said the administration doesn't
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support that things that might be an
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overreaction certainly deferred to local
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jurisdictions to make its own decisions
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but it believes that because of the
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availability of vaccines and boosters
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and other measures
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such as social distancing and masking
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things can go on more or less as normal
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and is taking a somewhat dim view of
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either things that look like or sound
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like a lockdown or much more intense
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travel restrictions but i can tell you
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here in the district of columbia new
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measures are being taken mask mandates
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have been reestablished for indoor
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dining or any kind of indoor activity
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and very soon in the next couple of
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weeks you'll have to have proof of
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vaccination to get into a gym a
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restaurant a club or anything like that
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so here in the nation's capital at the
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local level new restrictions are being
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put in place
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at that same news conference president
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biden was asked about senator joe
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manchin's no vote on his build back
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better plan and the president says he
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and manchin will quote get something
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done what could senator manchin be
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looking for from the white house and
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what might the president be willing to
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give in order to get this bill passed
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uh that would be the two trillion dollar
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question or set of two trillion dollar
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questions because that's basically the
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rough price tag 1.75 to 2 trillion and
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nobody knows the answers to either of
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those very good and persistent questions
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they were brought up again at today's
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white house briefing the white house is
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basically on its heels a little bit
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there has been no vote on buildback
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better but joe manchin made it very
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clear the democratic senator from west
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virginia he will not support it in its
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current form
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and the white house will not say that it
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has to go entirely back to the drawing
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board that there can be constructive
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conversations and negotiations going
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forward they put basically a two to
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three week timeline on that and
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supported senate majority leader charles
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schumer's announcement that he intends
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to have votes on
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this build back better legislation
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early in january 2022 so if things
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aren't resolved by then there may be
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what you call show votes to see where
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everyone stands and how far or close the
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white house is which may prompt more
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negotiations the bottom line on
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buildback better it is weeks if not
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months away
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major before we let you go with
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christmas just a few days away do we
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know how president biden and the first
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family plan to spend their holidays
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here at the white house uh the white
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house said today the president and the
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first lady will be here at the white
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house this weekend there'll be some
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public events for the president tomorrow
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no commitment on whether there'll be
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anything on christmas eve and then
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according to the general uh impression
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left by jen saki the spokesperson the
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president may take some vacation time
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next week but christmas day christmas
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eve here at the white house
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major garrett thank you
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sure
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