This "running out of money" argument is the Democrat/Republican consensus that prevented full cancellation. See it being used on all sides here:
VAProgressivesVAProgressives @VAProgressives Thank you @POTUS for not restarting payments on those with the biggest student debt burden. Make the pause permanent. #CancelStudentDebt #CancelAllStudentDebt . https://youtu.be/XAMzYvvVJ7g TwitterTwitter | Jun 10th
Lawrence H. SummersLawrence H. Summers @LHSummers Every dollar spent on student loan relief is a dollar that could have gone to support those who don't get the opportunity to go to college. TwitterTwitter | Aug 22nd
Jason FurmanJason Furman @jasonfurman Student loan relief is not free. It would be paid for. Part of it would be paid for by the 87% of Americans who do not benefit but lose out from inflation. Part of it would be paid for by future spending cuts & tax increases—with uncertainty about who will bear those costs. TwitterTwitter | Aug 19th
Sylvain CatherineSylvain Catherine @sc_cath Our op-ed on student debt cancellation with Constantine Yannelis. Our research shows that untargeted student debt forgiveness would transfer hundreds of billions of taxpayer dollars to high-income households. We discuss smarter ways to tackle the problem. https://thehill.com/opinion/education/3545917-canceling-student-debt-for-everyone-is-bad-policy-and-bad-economics/ TwitterTwitter | Jul 5th
Ted CruzTed Cruz Sen. Cruz Issues Statement on Biden Admin’s Illegal Student Loan Debt Cancellation | U.S. Senator Ted Cruz of Texas WASHINGTON, D.C. –U.S. Sen. Ted Cruz (R-Texas) today issued the following statement in response to...Home.