July 30, 2021 Washington— House Speaker Nancy Pelosi sided with Charles E. Schumer, Senate Majority Leader, and other powerful Democrats Wednesday when she challenged President Biden’s authority cancel federal student loans. Post. “People think that the president of the United States has the power to forgive debts. It doesn’t, ”Pelosi said during a press conference yesterday. “It can postpone, it can delay, but it doesn’t have that power. It must be an act by Congress. Pelosi, which has been relatively silent on the issue debt cancellation, is now entering murky waters. The House and Senate progressive Democrats have been pressuring Biden to write off federal student loan debt up to $50,000 as an act for financial relief. They claim that Biden could have the same legal authority as President Donald Trump to temporarily waive interest for federal student loans during the Pandemic. Biden has asked if he would be able to unilaterally make decisions on any of the $1.6 trillion worth federal debt Americans have.