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Senate Majority Leader Chuck Schumer, Rep. Ilhan Omar, and Sen. Elizabeth Warren at a press conference on student loan debt on Feb. 4. Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Elizabeth Warren (D-Mass.) doubled down Wednesday on demands that President Biden cancel up to $50,000 in federal student debt for all borrowers.

Why it matters: Biden said at a Tuesday town hall that he is "prepared to write off" $10,000 worth of student debt for borrowers, but no more than that.

  • The united front from Schumer and Warren, continued from last fall, exemplifies unity between progressives and Democratic leadership as they lobby Biden to take more action to offset economic upheaval during the pandemic.

What they're saying: "Presidents Obama and Trump used their executive authority to cancel student loan debt," Schumer and Warren said in a statement on Wednesday.

  • "Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy. It's time to act. We will keep fighting,"

White House press secretary Jen Psaki said Wednesday that Biden has told Schumer and Warren that the Justice Department needs to review his legal authority to take executive action on student debt. In the meantime, he would be "eager to sign" a package to relieve $10,000 of debt, she said.

Where it stands: Federal student loans are currently in forbearance through September 2021.

Go deeper

Dion Rabouin, author of Markets
Feb 16, 2021 - Economy & Business

Investors' inflation expectations are pushing up borrowing costs

Data: U.S. Department of the Treasury; Chart: Michelle McGhee/Axios

Bond investors are looking past last week's tepid consumer price index report that showed U.S. inflation rising at just 1.4% and continue selling out of Treasury bonds in a big way, pushing yields from the benchmark 10-year note to their highest since mid-March on Friday.

Why it matters: Even at their still historically low levels, the market's rising inflation expectations are beginning to have an impact on the real economy by pushing mortgage, credit card and auto loan rates higher, making them more expensive for consumers.

Biden extends mortgage relief, moratorium on foreclosures

President Biden prepares to sign a series of executive orders at the Resolute Desk in the Oval Office just hours after his inauguration on Jan. 20, 2021. Photo: Chip Somodevilla/Getty Images

The Biden administration Tuesday announced it's extending the moratorium on home foreclosures and the enrollment window for mortgage forbearance through June.

Why it matters: Many Americans have struggled to make home payments during the COVID-19 pandemic. Both programs were set to expire in March. The actions are an extension of a program the Trump administration started in 2020.

Cuomo says words may have been "misinterpreted" following allegations of harassment

New York Gov. Andrew Cuomo at a Feb. 22 news conference. Photo: Seth Wenig/pool/AF via Getty Images

New York Gov. Andrew Cuomo issued a lengthy statement on Sunday saying he " never inappropriately touched anybody" but acknowledged that "some of the things I have said have been misinterpreted as an unwanted flirtation," after two of his former aides accused him of sexual harassment.

Why it matters: Prior to Cuomo's statement, in which he adds that he "never inappropriately touched anybody" or meant to make anyone uncomfortable, the governor's office and the state attorney general went back and forth in a public disagreement about how to investigate the allegations.