GOP Sen: Biden student debt cancellation plan 'gift to his political base' 76 days before elections

Arkansas Republican Sen. John Boozman on Wednesday called President Biden's student loan debt forgiveness plan a "gift" to his political base – just 76 days before the November midterm election.

"Pres. Biden's move to 'forgive' student loans is a gift to his political base and an insult to taxpayers and everyone who fulfilled their obligations," Boozman tweeted within hours of the Democrat president making the announcement. "Americans already struggling to keep up will bear the consequences of this irresponsible decision benefiting high-income earners."

The midterm elections take place Nov 8. 

Senate Majority Leader Chuck Schumer has been calling for Biden to unilaterally cancel up to $50,000 of student debt.

The White House has released a fact sheet on Biden's plan that shows individuals making less than $125,000 can have up to $10,000 forgiven. And Pell Grant borrowers making under $75,000 annually can have up to $20,000 forgiven.