Exclusive: Top House Democrat Unveils Plan to Beat Back Progressive Rebellion

[George II]

227. Just about everyone calling for forgiving student debt knows that Biden can't...

....unilaterally do it for ALL debt. He needs legislation to do it and that was part of the promise he made that everyone is throwing back in his face, ignoring the legislation part.

However, he already has forgiven almost $20 billion for various reasons, and he has his Department of Education working on finding other ways to do it. But he needs legislation to further expand what he's working on.

11 days ago Texas Representative Vicente Gonzalez introduced H.R.6708 - "Student Loan Relief Act".

https://www.congress.gov/bill/117th-congress/house-bill/6708?q=%7B%22search%22%3A%5B%22gonzalez%22%2C%22gonzalez%22%5D%7D&s=3&r=2

This would forgive student debt up to $25,000 for every borrower.

Amazingly none of those in the House calling for BIDEN to forgive student debt have cosponsored Gonzalez' bill.

The complete bill:

117th CONGRESS 2d Session H. R. 6708

To direct the Secretary of Education to cancel or repay up to $25,000 in Federal student loans for each borrower.

IN THE HOUSE OF REPRESENTATIVES

February 11, 2022
Mr. Vicente Gonzalez of Texas introduced the following bill; which was referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL
To direct the Secretary of Education to cancel or repay up to $25,000 in Federal student loans for each borrower.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Student Loan Relief Act”.

SEC. 2. WRITING DOWN BALANCES FOR FEDERAL STUDENT LOAN BORROWERS.

(a) In General.—Not later than 90 days after the date of enactment of this Act, the Secretary shall cancel or repay an amount on the outstanding balance due (including the unpaid principal amount, any accrued interest, and any fees or charges) on the Federal student loans of a borrower that is equal to the lesser of—

(1) $25,000; or

(2) the total outstanding balance due on such loans of the borrower.

(b) Application.—Unless otherwise requested by the borrower in writing, a cancellation or repayment under subsection (a) shall be applied—

(1) in the case of a borrower whose loans have different applicable rates of interest, first toward the outstanding balance due on the loan with the highest applicable rate of interest among such loans; and

(2) in the case of a borrower of loans that have the same applicable rates of interest, first toward the outstanding balance of principal due on the loan with the highest principal balance among such loans.

(c) Data To Implement.—Contractors of the Secretary, and holders of Federal student loans, shall report, to the satisfaction of the Secretary the information necessary to carry out this section.

(d) Taxation.—For purposes of the Internal Revenue Code of 1986, in the case of any cancellation or repayment of indebtedness under this subsection with respect to any borrower:

(1) EXCLUSION FROM GROSS INCOME.—No amount shall be included in the gross income of such borrower by reason of such cancellation or repayment.

(2) WAIVER OF INFORMATION REPORTING REQUIREMENTS.—Amounts excluded from gross income under paragraph (1) shall not be required to be reported (and shall not be taken into account in determining whether any reporting requirement applies) under chapter 61 of such Code.

(e) Definitions.—In this section:

(1) FEDERAL STUDENT LOAN.—The term “Federal student loan” means a loan—

(A) made under part B, part D, or part E of title IV of the Higher Education Act of 1965 (20 U.S.C. 1071 et seq., 1087a et seq., 1087aa et seq.), and held by the Department of Education; or

(B) made, insured, or guaranteed under part B of the such title (20 U.S.C. 1071 et seq.), or made under part E of such title (20 U.S.C. 1087qaa seq.), and not held by the Department of Education.

(2) SECRETARY.—The term “Secretary” means the Secretary of Education.