Evening Edition: Supreme Court Blocks President Biden's Debt Forgiveness Plan

The Fox News Rundown

FOX News Podcasts

Politics, Daily News, News

3.4 • 1.7K Ratings

🗓️ 30 June 2023

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

On Friday morning, the Supreme Court ruled 6-3 to overturn the Biden administration's student loan debt forgiveness program, with the majority explaining that the HEROES Act did not give President Biden the authority to cancel student debt for millions of Americans. The decision will have serious economic impacts for borrowers who will soon have to resume their payments in October with accumulated interest. Alan Collinge borrowed $30,000 to get his PhD in aerospace engineering and later found himself owing upwards of $100,000. Now author and founder of StudentLoanJustice.org, Allan joins the podcast to discuss his reaction to the decision, why he doubted the Biden administration was serious about this forgiveness program, and possible solutions to help borrowers with high, outstanding debt. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I'm Dana Perino. I'm Brian Kilmeade. I'm Shannon Bream and this is the Fox News rundown.
0:08.7	Friday, June 30th, 2023, I'm Evan Brown. The US Supreme Court says President Biden
0:16.5	can't cancel or eliminate part of a student loan debt. But was the plan to scratch
0:21.9	10 or 20 grand per borrower really much of anything?
0:25.9	Quite frankly, I don't think Biden was very serious about this cancellation gimmick.
0:29.3	I think that it was a vote-getting ploy and I think it worked wonderfully.
0:34.6	This is the Fox News rundown evening edition.
1:00.3	The value of cryptocurrencies can go down or up.
1:06.3	Tens of millions of Americans have outstanding enormous student loan debt.
1:10.8	In many cases, that debt per person exceeds $100,000. Not because they borrowed it,
1:16.5	but because government lending services allegedly improperly charged fees and penalties
1:22.0	and default interest. Those loans had been paused for much of the COVID emergency.
1:27.8	President Biden had hoped to offer reductions in those balances in amounts of 10 or 20,000
1:33.8	dollars. But that's now ruled to be unconstitutional in a six to three decision by the US Supreme
1:40.0	Court. They say the executive branch has no power to erase debt and that the matter isn't an
1:46.4	issue for the courts. I believe the court's decision to strike down my student debt really program
1:51.0	is a mistake. I'm not going to stop fighting to deliver borrowers what they need.
1:56.3	Particularly those at the bottom end of economic scale. So we need to find a new way
2:03.1	and remove it as fast as we can. Similar debt to things like credit cards can be nearly or
2:08.4	entirely discharged in common bankruptcy proceedings. Student loans by law can't.
2:14.5	Even the US Constitution specifically says bankruptcy matters are a legislative issue.
2:19.8	The decision today quoted California Congresswoman Nancy Pelosi,
	...

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