Biden’s student debt relief plan will remain blocked, judge orders
A federal judge has extended the restraining order against the Biden Administration’s plan for student debt relief.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re looking at on TheStreet for the time being.
It was once a record-setting Thursday on Wall Side road as both the Dow and the S&P five hundred closed at record highs. Investors are jubilant with the surprise size of a Federal Reserve rate of interest cut. Meanwhile, in an indication of an uneven economy, sales of previously-owned homes drooped 2.5 % in August, but weekly jobless claims dropped to their lowest since May.
Related: Biden White House erases the other $1.2 billion in student debt
In other news, student loan borrowers will ought to wait longer to see how deal of that debt can be erased. A block on President Biden’s are trying to push through student loan forgiveness was once extended by a Republican-appointed judge.
The Biden Administration hoped to get relief into the hands of tens of millions of borrowers beforehand of the November election alternatively the judge’s ruling may perhaps make that timeline difficult to reach. The judge says he needs time beyond regulation to weigh two competing requests. The Biden White House wants the case thrown out altogether, while deallots of GOP-led states have urged the courts to knock-down the forgiveness plan - calling it nothing short of illegal.
The Biden plan that’s on hold would have worn out $147 billion in debt for roughly 28 million Americans who either owe more than they borrowed, qualify for existing loan forgiveness programs, have a loan from a financially weak institution, or have been paying off the loan for decades but still have balances.
To date, President Biden has overseen $169 billion in debt forgiveness for roughly 5 million Americans.
That’ll do it for your Day by day Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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