In the last few days, Democratic leaders in Congress have urged President Biden to cancel $50,000 in debt for each of the roughly 43 million people who borrowed to pay for their advanced educations. Biden has resisted doing this. He’s more comfortable with forgiving $10,000.

Apparently, the president has a better grasp than his fellow Democrats of something they should all be far more willing to acknowledge: Money for canceling debt has to come from somewhere.