This is the Cato Daily Podcast for Tuesday, July 4th, 2003.

I'm Caleb Brown.

The Supreme Court has tossed President Biden's ambitious plan to cancel $400 billion in student debt?

The President asserted the authority to cancel all that debt

under 2003's Heroes Act.

Cato's Tommy Berry says the focus of the court

on the specific law in question leaves open

possibilities that the president might try to go for round two on student debt

cancellation. This is a very contentious case there are a lot of people who would have benefited mightily at the expense of everybody else when it comes to student loans and debt forgiveness, This question was put before the court, but in the two

cases that came before it, one was tossed on six-3 decision along lines you might expect.

Yes, that's right and I should admit that even I was one of the people in line to get this benefit.

So you might think that I have mixed feelings this morning, but I had, you have to stick with your

principles sometimes even when there's a sweet sweet $10,000 student loan forgiveness on the other side. So the Supreme Court did find that there

was standing that the state of Missouri had standing to sue on behalf of this corporation created

by the state called Mohila that services of this at finding standing, but it was really uncertain whether the court would buy that argument,

given that Mokila was created to be financially separate from the state of Missouri.

So an injury to its finances doesn't necessarily injure Missouri's finances, but the majority

held that what's more important is that it was created by Missouri to further Missouri public

policy with regard to student loans and so injuries to that essentially

injures the Missouri State government's goals. Thank you for pronouncing

Mohila correctly. This was an agency of the state of Missouri that in my childhood I remember my mother

dutifully writing checks to when we lived in southwest Missouri. Now the issues here that they're actually discussing in these

...