Reducing, or outright eliminating, debt for the 43 million people who've borrowed money via federal student loans has long been a top priority on progressives' wish list. And President Biden is seriously considering "some debt reduction," he announced this week, though advocates shouldn't get their hopes up too high on how far he'll go. "I'm in the process of taking a hard look at whether or not there will be additional debt forgiveness," he told reporters Thursday at the White House, per the Wall Street Journal. Details:
- Lower expectations: In terms of the $50,000-per-borrower number that's been floated by some more wishful Democrats, Biden ruled that out, adding that he'd make a final decision over the next couple of weeks. An executive order on the issue seems most likely, as legislation for a unilateral wiping-out of debt, no matter what the figure, probably wouldn't get enough support in Congress, the Journal notes.