Biden To Announce Debt Relief Amid GOP Accusations Of Fueling Inflation

President Biden is shortly due to return from his summer holiday and will formally announce a policy outlined a student loan relief to debt programme for debt holders earning below USD$125k a year. President Biden will deliver remarks on the programme from the White House at 14:15 ET 19:15 BST.

• Livestream here: https://www.youtube.com/watch?v=cJcKrULM4iA
• The White House has indicated that the new relief policy may benefit 43 million loan borrowers and has attempted to preempt Republican opposition to the policy by claiming that the debt relief plan is not inflationary.
• Republican lawmakers have been quick to criticise the plan. Senator Mitt Romney (R-UT): "Sad to see what’s being done to bribe the voters. Biden's student loan forgiveness plan may win Democrats some votes, but it fuels inflation, foots taxpayers with other people’s financial obligations, is unfair to those who paid their own way & creates irresponsible expectations."
• Rep Dusty Johnson (R-SD): "This is a slap in the face to the millions of Americans who did the right thing & paid off the student debt they willingly took on. Where's their $10,000 free pass? The admins willingness to spend is baffling–President Biden is making inflation worse with every stroke of his pen."
• Rep Andy Harris (R-MD): "There is no such thing as a free lunch so let’s be clear that no one’s debts were paid—all Biden did was increase inflation, the price of higher education, and transfer hundreds of billions in unpaid for spending to the next generation."
• Rep Dan Bishop (R-NC): "$3 billion more to Ukraine, and ~$300 billion in “loan cancellation.” Today is further proof that the Biden admin cares about foreign borders and coastal elites - not the Americans being crushed by inflation, crime, and a border crisis."