COLORADO SPRINGS — Republican nominee for U.S. Senate Joe O’Dea issued a statement on Wednesday in response to the announcement by President Biden that targeted student loans across the nation would be forgiven.

“Joe Biden’s student loan forgiveness scheme doesn’t erase the debt. It puts $300 billion of new debt on the backs of working Americans,” said O’Dea. “The debt is a national crisis. This compounds it.”

O’Dea said Biden’s plan is a “one time mechanism” that does not address the root problem of the high cost of education, and would increase inflation and “create additional inflationary pressure over time.”

O’Dea also said in his statement that 70% of the benefits will go to households in the top 60% of earners, and that for many low-income borrowers, $10,000 debt cancellation would have “zero impact on their monthly student loan payments.”

Click here to read O’Dea’s full statement.