 And according to ABC News, Senate Majority Leader Chuck Schumer made the case to the president in a meeting at his Rehoboth home that he should get out of the race. In a statement, a Schumer spokesperson called it idle speculation, but also added Leader Schumer conveyed the views of his caucus directly to President Biden on Saturday. This morning, the president announced the cancellation of an additional $1.2 billion in student debt for 35,000 borrowers.