Congressional Democrats are pushing President Joe Biden to wipe out $50,000 in debt for federal student loan borrowers via executive order, but the White House suggests it should be done by with legislative means. Senate Majority Leader Chuck Schumer (D-N.Y.), joined by Sen. Elizabeth Warren (D-Mass.), Rep. Ayanna Pressley (D-Mass.), and other Democratic lawmakers, urged Biden to take executive action to cancel $50,000 per borrower. They argue that the move would boost the economy, reduce the “racial wealth gap,” and lead the country toward a “long-term, equitable, and just recovery.” “We have met with the president, we are pushing the president and his people and we are very hopeful that the cry from one end of America to the other—take this student-loan debt off our backs—will be heard in the White House,” Schumer said at a press conference. Schumer and Warren first unveiled their proposal in September 2020, when Biden …