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The resolution calling for $50,000 in debt relief was introduced earlier this month by Senate Majority Leader Chuck Schumer of New York and Sen. Elizabeth Warren of Massachusetts.

Such a move would have cost about $800 billion and deliver 36 million Americans out of debt, according to reports.

The Higher Education Act of 1965 authorizes the U.S. secretary of education to cancel student loans, meaning Biden could order the move, according to Warren and Schumer’s provision. However, Biden didn’t have an appetite for such a unilateral move considering the stakes of hundreds of billions of dollars that would need to be wiped off the books all at once for nearly 40 million people.

“Canceling student loan debt is the single most effective executive action President Biden can take to lift the economic prospects of tens of millions of young Americans,” Warren said recently.

All federally backed student loans have been in forbearance throughout the pandemic, and Biden extended the pause in payments and interest until Oct. 1.

Supporters of the loan cancellation plan say it would spark a wide swath of the economy, including new business, consumer spending, retirement savings, homebuying and other sectors. Critics, however, say the move would only bring a modest bump to economic activity in GDP. Republicans reportedly oppose the move.

Biden’s firm stance on the debt forgiveness came as no surprise.

In previous weeks, the White House had already signaled that Congress should pass legislation to achieve it as student loan matters typically fall under federal spending set by Congress.

“The President continues to support the cancelling of student debt to bring relief to students and families,” White House press secretary Jen Psaki tweeted recently. “Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress.”